The average rate on the 30-year fixed mortgage has surpassed 7.5%, having bottomed out at 5.99% in the days before the conflict with Iran broke out. At that rate, a purchaser taking on a median-priced home near $450,000 is now paying around $300 more each month than they would have earlier this year. Nationally, home prices have risen nearly 60% from their pre-pandemic levels, while August existing-home sales registered an annualized pace that fell short of 4 million units.
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