Mortgage rates just hit 5%. Here's how much more expensive that makes home ownership
Higher mortgage rates and home prices have pushed the monthly payment to buy the median-priced home in the U.S. up more than 50% since the start of last year. Many first-time buyers can't afford it.
Here's a not-so-fun fact: The monthly mortgage payment it takes to buy the typical home in the U.S. is now up by a staggering 55% compared with the start of last year. That's because of the dramatic rise in mortgage rates in recent weeks on top of price gains in the hot housing market.
"It's pretty insane," says Nick Cacciatore, who's looking to buy a house in Tampa, Fla. "It's very demoralizing."
Back when Cacciatore was looking last summer, mortgage rates were under 3%. This week they've . While that may not sound
