Average mortgage rates are continuing to climb after surpassing 2019 levels last week. As of Thursday, the average nationwide 30-year fixed mortgage rate is 4.53%.
To help you stay current on the market, ZeroDown compiled a weekly real estate market report in St. Joseph, MO metro area using data from Redfin. Statistics are as of the four weeks ending March 20. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.
On Thursday at an industry conference, Federal Reserve Governor Christopher Waller discussed how the residential real estate market has changed since the COVID-19 pandemic’s onset, as well as how policy has impacted housing costs for buyers. Waller told conference attendees he is hopeful that in the next year, factors related to the pandemic that have increased prices—such as the high demand and short supply for properties and space—will lessen.
Unfortunately, Waller also warned that the market looks poised to continue the strain it’s adding to the average homeowner, saying the percentage of the household budget reserved for housing will only continue to rise. In the early 1970s, the amount of the average household budget that went to housing was 24%; as of 2019, that number reached 35%.