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Buying a home in the US is still expensive

Buying a home in the US is still expensive

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US – The interest mortgage rate to be paid on loans from banks and financial institutions has become more expensive in the United States. Even though it slowed down a bit last week, it has now increased to around 7 percent.
When the mortgage rate reaches 7 percent, it will make it more difficult for those who want to buy a house. Since the high rate of price increase in the US has not decreased for the past few months, the possibility of mortgage rates going down seems less likely. This will make it more difficult for those who want to buy a house.
Now the price of the house has skyrocketed. As interest rates continue to rise, this is somewhat slower, but for the middle income class, house prices are still beyond the ability to sustain.
A year ago, the mortgage rate available for buying a house was around 3 percent. Now it has reached 7 percent. According to the real estate related website realtor.com, last January, a family with an annual income of 71,000 could buy a house up to 448,700 dollars with a 20 percent down payment. This week, those with the same income can buy a house up to 339 thousand 20000 dollars. This is because the monthly mortgage payment has increased.
A year ago, with a 20 percent down payment, if you bought a house worth $390,000, you would pay $1,324 a month at an interest rate of about 3 %. Now you have to pay $2059 in monthly interest and installments. This is more than $735.
The rise in mortgage rates has not only made it difficult for home buyers but also for those looking to sell. Houses have stopped selling as soon as they are put on the market as quickly as before. Even in the places where the house prices were rising, now the prices are starting to moderate. However, those looking to buy a house are waiting for it to decrease further.
Not only the house installment but also the price increase rate of daily consumer goods is high. The data shows that this trend has not stopped. The fear of economic recession has not stopped in America. Financial analysts have claimed that a major economic recession may occur within 6 to 9 months.