US home prices just smashed another record high as affordability crisis deepens
What was the median U.S. home sale price during the four weeks ended June 9, and how does this compare to the previous year?
The median U.S. home sale price during the four weeks ended June 9 was $394,000, according to Redfin2. This represents a 4.4% increase from the previous year.
What is the current monthly mortgage payment for a median-priced home, and how does this compare to the record set in April?
The current monthly mortgage payment for a median-priced home in the U.S. is $2,829, according to findings from Redfin. This is roughly $30 shy of the record set in April. The median U.S. home sale price has risen to $394,000 during the four weeks ended June 9, a 4.4% increase from a year earlier.
What potential impact could the upcoming Federal Reserve meeting have on mortgage rates?
The upcoming Federal Reserve meeting could have a significant impact on mortgage rates. The Federal Reserve is set to make another interest rate decision that could impact the home loan market. While the Federal Reserve doesn't directly set mortgage rates, its decisions influence them.
If the Fed continues to hold rates steady, mortgage rates are likely to remain elevated. However, if the Fed decides to cut rates, it could potentially lead to a drop in mortgage rates. This is because mortgage rates tend to follow the trend of the Fed's benchmark rate.
That being said, many experts anticipate another hike pause at the June meeting. The latest inflation reading crept down to 3.4% in April 2024, but it's still above the Fed's goal. Because of this, tightening monetary policies could continue until inflation gets brought down to a normalized level.
In conclusion, the Federal Reserve's decisions can have a significant influence on mortgage rates, but the specific impact will depend on the outcome of the upcoming meeting and the Fed's future policy decisions.