The average 30-year fixed-rate mortgage rate was 5% as of April 14, 2022 (Source) and is still trending up. This is the highest rate in 12 years!
Although there are more new listings for sale in many areas, the inventory remains tight and buyers feel pressure to purchase a home before rates rise further. Today the median mortgage payment is approximately 20% to 25% higher than it was a year ago.
High demand for homes has put the rental market in the spotlight in recent months. Rents have also increased over 20% in certain markets. This is prompting a big motivation to buyers to grab a home before the rents increase beyond affordability. If you are looking to compare a monthly mortgage payments versus a rental, contact me today at 925-216-3618.
