The nation’s housing market just hit a level it hasn’t seen in about 15 years, and that’s not exactly a good thing for borrowers. This past December, the average rate for a 30-year fixed mortgage was 3.11-percent.
Recently, the average rate went up to 4.72-percent. That can make a real difference when it comes to monthly payments.
It could mean hundreds of extra dollars each month, or even more than an extra $100,000 over the course of a 30-year loan, depending on the size of the mortgage. The recent mortgage rate hike has some experts saying buyers are in a similar situation as they were in 2007.
That’s the last time the mortgage-payment-to-income ratio topped 29-percent, but it appears we’re now seeing the same thing. According to recently
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