passive income remedies

Buying Home

January 28, 2023

1–2 minutes

The surging supply of homes for sale across the U.S. could spell an end to the sellers’ market of recent years. Inventory jumped 31% in July from a year earlier, the third successive month of record-high increases, according to Realtor.com. It’s largely a result of the Federal Reserve’s campaign to contain inflation by hiking interest rates. That has increased mortgage costs, leading buyers to step back and homes to linger on the market. Still, more Americans than ever are searching for additional space in cheaper areas amid the shift to work from home.

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30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 5.53%, which is an increase of 26 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one — but typically a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.