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Mortgage Rate

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The cost of goods across industries is rising, leading to broader concerns about inflation and whether people will struggle to purchase the items they could afford in the past. But there are financial moves consumers can make to hedge against inflation. One of those strategies is to invest in real estate, especially when mortgage rates […]

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Though you may be a proud homeowner, you probably don’t love the thought of having to make a mortgage payment each month for the next few decades. But considering how well the stock market has been performing lately, it might feel like you’re missing out by not investing more. So what’s the right answer: Should […]

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Monthly median price-to-rent ratios, home listing prices, rents, and state-specific mortgage rates were provided by Zillow Group. The Price-to-rent ratio, Median home listing price, and Median rent (2-bedroom) reported in this analysis is for Q1 2018 and was computed as the average of the respective median values for January, February, and March of 2018. The Price-to-rent ratio 5-year change is the percent change from Q1 2013 to Q1 2018. The median price-to-rent ratio in Q1 2018 for the United States was 11.94, which was used as the basis of comparison for the Difference from national average statistic. Approximate monthly mortgage payments were calculated using the median home listing prices and state-specific mortgage rates according to the following formula: [R/(((1 + R)^M) – 1)] x [(1 + R)^M] x L, where R is the monthly interest rate, M is the number of monthly payments, and L is the loan amount. For this calculation we assumed a 30-year fixed mortgage with a 20% down payment.

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Median household income for each city was sourced from the latest U.S. Census Bureau’s American Community Survey 5-year estimates. 2017 median home listing prices were sourced from Zillow. State-specific mortgage rates were also sourced from Zillow on 2/13/18. Assuming a 40-hour work week and 50 weeks worked per year, an approximation for effective hourly wage was determined using median household income. Approximate monthly mortgage payments were calculated using the median listing prices and state-specific mortgage rates according to the following formula: [R/(((1 + R)^M) - 1)] x [(1 + R)^M] x L, where R is the monthly interest rate, M is the number of monthly payments, and L is the loan amount. For this calculation we assumed a 30-year fixed mortgage with a 20% down payment. Assuming the 28% rule, the resulting monthly mortgage payment for each city was combined with its effective hourly wage to determine the number of work hours needed per week to make the monthly loan payment. Only cities with available price data from Zillow were included. Cities with under 50,000 adults were excluded from the analysis.

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Mortgage buyer Freddie Mac says the 30-year fixed mortgage rate was 3.78 percent. While the same as the previous week, that is down sharply from this year's peak of 4.3 percent, reached in March. It remains slightly above last year's average of 3.65 percent.

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