CNN Early Start With Christine Romans and Laura Jarrett June 4, 2024 09:37:00
Fed makes mortgages more expensive. let me show you what these higher prices mean. the average home price is more than $440,000. with today's 30-year fixed rate mortgage assuming an average credit score and 20% down payment, the monthly payment would be about $2500. a year ago the same mortgage the payment would have been $1816. that is more than $700 difference for the exact same home. that's what higher interest rates do in an economy. let's bring in john lehr. so glad to have you here this morning, john. huge rate hike. that was big, historic news. they're downgrading their expectations for...