The
median
monthly
housing
payment
for
U.S.
homebuyers
rose
to
a
record
$2,775
during
the
four-week
period
ending
April
14,
up
11%
year
over
year,
according
to
a

Redfin

report. 

The
recent hotter-than-expected

inflation
reading
sent
mortgage
rates
upward. On
Thursday,

HousingWire’s
Mortgage
Rates
Center
showed
the
average
30-year
fixed
rate
for
conventional
loans
at
7.31%,
up
from
7.19% a
week
earlier. 

Additionally,


Federal
Reserve
Chair
Jerome
Powell
made
statements
at
the

Washington
Forum
on

Tuesday
that
indicate
there
will
be
no
rate
cuts
anytime
soon
because
the
economy
and
the
labor
market
continue
to
run
hot
and
inflation
has
remained
sticky.

Furthermore,
the
median
price
for
all
types
of

existing
homes
rose
to
$393,500
in
March,
an
increase
of
4.8%
from
the
median
price
of
$375,300
in
the
same
month
last
year,
according
to
the

National
Association
of
Realtors
(NAR). 

Despite
the
challenging
housing
market,
demand
isn’t
fading.
Mortgage
applications, 
for
instance,

increased
for
the
second
week
in
a
row
on
the
back
of
a
strong
economy.

According
to
Chen
Zhao,
Redfin’s
economic
research
lead,
some
house
hunters
are
eager
to
buy
now
as
they
fear
a
further
increase
in
mortgage
rates.
Meanwhile,
others
have
grown
accustomed
to
elevated
rates
and
have
accordingly
factored
the
inflated
rates
into
their
home
purchase
budget. 

“Home
sales
are
slower
than
usual,
but
there
are
still
people
buying
and
selling
because
if
not
now,
when?”
Connie
Durnal,
a
Redfin
Premier
agent
in
Dallas,
said
in
a
news
release.
“I’ve
had
a
few
prospective
buyers
touring
homes
for
the
last
several
years,
since
mortgage
rates
started
going
up,
and
they
wish
they
would
have
bought
last
year
because
prices
and
rates
are
even
higher
now.

“My
advice
to
them:
If
you
can
afford
to
and
you
find
a
house
you
love,
buy
now.
There’s
no
guarantee
that
rates
will
come
down
soon.” 

At
the
end
of
March,
NAR
reported
that
total
housing
inventory
sat
at
1.11
million
units,
up
4.7%
from
February
and
up
14.4%
from
one
year
ago. 

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