Housing market: Monthly payments up 122% in 3 years, report says

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Despite competition cooling in the housing market, homebuyers continue to face challenges as mortgage rates remain high. The average 30-year fixed mortgage sits at 7.31 percent as of September 28, according to Freddie Mac. Monthly principal and interest for a home has increased 122 percent in the past three years, according to Zillow. Yahoo Finance Reporter Dani Romero discusses the latest news on the housing market. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Despite competition cooling in the housing market, homebuyers continue to face challenges as mortgage rates remain high. The average 30-year fixed mortgage sits at 7.31 percent as of September 28, according to Freddie Mac. Monthly principal and interest for a home has increased 122 percent in the past three years, according to

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