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Instant Reaction: Mortgage Rates,
March 16, 2023
March 16, 2023
By: Nadia Evangelou
Due to recent developments in the
banking sector, mortgage rates fell this week. Following the trend of the
10-year Treasury yield, the average rate on a 30-year fixed mortgage dropped to
6.60% from 6.73%. However, rates may decrease even further in the coming weeks
depending on reactions in the financial market and the outcome of the Fed’s
meeting next week.
However, this rate drop was enough to make
homebuying affordable again for many Americans. At today’s rate, many can
afford to buy a median-priced home since they need to spend less than 25% of
their gross income for a monthly mortgage payment. If rates fall further to 6%,
buyers will be able to purchase the median-priced home by putting down 14%,
which was the median down payment of buyers in 2022.
Senior Economist & Director of Real Estate Research
Nadia Evangelou is Senior Economist
& Director of Real Estate Research for the National Association of
REALTORS®.
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