Posted by on May 14, 2022 2:09 pm
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Categories: Breaking News Epoch Times News

A ‘Perfect Storm’: Sharp Rise in Home Prices, Mortgage Rates Driving Working Americans out of the Market

The dramatic rise in home prices and mortgage rates in the early months of 2022 has had a relatively limited effect on wealthy buyers and sellers, but has had a severe impact on lower-income Americans—and the Democratic Party may pay a steep price for their frustrations in the November midterm elections and beyond, according to real estate analysts and commentators.
Average payments on mortgages went from 3 percent to 5 percent in the first three months of the year, and are now 38 percent higher than a year ago, according to a Politico report citing figures from real estate listing service Zillow.
Partly because of inflation, the average rate on 30-year mortgages this week hit 5.46 percent, the highest figure since August 2009, according to Bankrate statistics.

Originally appeared on The Epoch Times

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