Key facts
- 30-year mortgage rate reached 7.28%, highest since November 2023.
- Monthly payment for a median $429,100 home with 20% down increased by $215.
- First-time buyers now make up a record low 21% of purchases.
- Homeowners with mortgages at 4% or lower are less likely to sell.
The 30-year mortgage rate has climbed to 7.28%, the highest since November 2023 and the largest one-week increase in four years. This surge, up from 6.34% a year ago, means a monthly principal and interest payment on a median-priced American home ($429,100 with 20% down) is now about $215 higher, reaching approximately $2,350. This increased cost consumes a larger portion of the median household income of $87,460, challenging the traditional 28% housing expense rule.