Facts: The average 30-year fixed mortgage rate from Freddie Mac grew to 6.54% this week from 6.44% last week. At 6.54%, with 20% down, a monthly mortgage payment is $2,031 on a home with a price of $400,000. With 10% down, the typical payment would be $2,285.

Positive: Mortgage applications are higher than one year ago. The monthly savings a home buyer could have on a $400,000 home is $270 compared to last year. This doesn’t matter to 30% of home buyers who skipped financing last month. Owners continue to gain equity, allowing for large down payments and all-cash purchases  

Negative: Housing affordability constraints have dropped the first-time buyer share for two consecutive months to the lowest historic share of 26%.
 

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