The battle waged by the Federal Reserve to curb inflation heightens mortgage costs, making homes less affordable for first-time buyers.
The average rate on the popular 30-year fixed mortgage is now close to 6 percent, which is about double what it was at the beginning of the year. Consequently, the monthly mortgage payment for a typical home in the United States for new buyers has increased by roughly $800, or 53 percent, this year.
The 30-year fixed-rate mortgage averaged 5.70 percent, for the week ending June 30, according to the new Freddie Mac’s Primary Mortgage Market Survey, down from 5.81 percent last week and up 3.11 percent since the end of last year….