Mortgage rates stay high amid renewed inflation fears
Snippet of Article: "...The national average for 30-year mortgages was 7.31% as of April 24. ...The national median family income for 2023 was $96,300, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in March 2024 was $393,500, according to the National Association of Realtors (NAR). Based on a 20 percent down payment and a 7.31 percent mortgage rate, the monthly payment of $2,160 amounts to 27 percent of the typical family’s monthly income."
Source: www.bankrate.com
