(WASHINGTON EXAMINER) – The median payment on a mortgage for a new home has exploded in the past three years as the Federal Reserve has hiked interest rates in response to blistering inflation.
In March, the median monthly payment sat at nearly $2,100, according to data compiled by the Mortgage Bankers Association. That is a massive increase, more than 85%, from the $1,128 level median payments were at in April 2020.
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Over the past decade, the cost of a median monthly mortgage payment has grown by about 130%.
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