U.S. Home Prices Hit Record High with 6.5% Mortgage Rate and 40% Price Spike

Aug 27, 2024, 06:12 PM

U.S. home prices have reached a record high as of June, marking a significant increase in housing costs. The rise in prices has been attributed to various economic factors, including high mortgage rates, which have made homeownership increasingly unaffordable for many Americans. Reports indicate that home prices increased by 5.4% nationally in June, contributing to what some describe as the most unaffordable housing market in history. The Biden-Harris administration's policies have been criticized for exacerbating the situation, with claims that average monthly payments for new home buyers have more than doubled. Additionally, the cost of homeownership is reportedly at its highest in three decades, with overall housing costs up nearly 50%. The 30-year fixed mortgage rate is around 6.5%, and home prices have spiked by 40%, while mortgage costs have increased by 125%.