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The average interest rate on a 30Y mortgage is up to 7.45%, its highest level in 3 years.
This officially pushes the payment on a $500,000 mortgage to $3,479/month.
By comparison, the same mortgage came with a payment of $2,995/month just 7 months ago.
That's an additional $5,813/year in mortgage interest expense for homebuyers.
Mortgage rates are now up +150 basis points since late-February.