The monthly payment on a new $500,000 home loan is $1,200 higher than on a mortgage taken out in 2021, per Bloomberg.
Discussion
I was forced to refinance this year and I pay 400.00+ more a month for the same home…that hurt. Went from 702.00 to 1124.00 Ouch!
Homes are also selling for more. Possible to roll in equity from previous home to lower monthly payment on new mortgage. Unfortunately bad news for first time home buyers.