Monthly Mortgage Payments Up Record Year-over-year

New Homes sales and Single Family Starts to Fall Further

On Friday, the average 30-year mortgage rate hit 6.7% for zero points and top tier scenarios according to MortgageNewsDaily. This was the highest rate in 20 years.

Here is a graph showing the 30-year rate using Freddie Mac PMMS, and MND for last week.

Yes, rates were much higher in the 1980 period, but it is the change in monthly payments that impacts ho…