WASHINGTON (AP) — Average long-term U.S. mortgage rates inched up this week ahead of another expected rate increase by the Federal Reserve when it meets early next month.
Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week.
Last year at this time, the rate was 3.09%.
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What does that mean for what you can afford now vs. what you could afford a year ago? Here are some numbers we crunched from an online calculator from Fannie Mae. These are based on 20% down payment on a 30-year loan.
- A $250,000 home loan goes from $853 per month this time last year to $1,323 today.
- A $500,000 home loan goes from $1,706 per month this time last year to $2,645 today. To pay that same $1,706 per month today, you’d have to settle for a $322,000 home loan.
- A $750,000 home loan goes from $2,559 per month this time last year to $3,968 today.
- A $1 million home loan goes from $3,412 per month this time last year to $5,290 today.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 6.23% from 6.09% last week.
Many prospective buyers have been pushed out of the market as average mortgage rates have more than doubled this year.
Central Oregon Daily News contributed to this report.
