e of a dip in mortgage rates and locked into a home purchase.
NAR said Thursday the median existing sales price rose 4% from last year to $407,000. The average sales price on existing home have, lumping onto issues with affordability while providing homeowners with more equity to cash in on down the road. Elevated mortgage rates have been a stubborn problem for would-be homebuyers to navigate, making it even more expensive to buy a house in a market with limited options and high asking prices.
Mortgage buyer Freddie Mac said Thursday that the average rate on a 30-year, fixed-rate mortgage — the most common type — increased to 6.84%, an uptick from last week when it was 6.78%. While rates have inched higher, they are still lower than a year ago when a 30-year mortgage rate was 7.29%.