Existing home sales at 3.75M pace, lowest since 2010: the 7% vs 3% payment gap on a median home is about $813 a month
The National Association of Realtors said this week that October existing home sales fell to a 3.75 million annual pace, the lowest since August 2010.
On the $416,700 median home with 20% down, a 7% loan costs about $2,218 a month. At 3% it is about $1,405. Nobody with a 3% loan wants to give up $813 a month to move.
https://www.nar.realtor/newsroom/existing-home-sales-decreased-5-5-percent-october-nar-report
Sources: Inman: rates breached 7% Sept 24, hit 7.40% Oct 8, now in the lower 7% range · X story: US existing home sales hit lowest level since 2010
Not financial advice. For informational and educational purposes only.