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Homebuyers are really beginning to feel the squeeze

The one-two punch of higher mortgage rates and escalating home prices reduced homebuyers’ ability to buy homes in February. The trend is also likely to worsen in the coming months.

The national median monthly mortgage payment settled in loan applications increased 8.3%, from $1,526 in January to $1,653 in February, according to a survey published Thursday by the Mortgage Bankers Association. Compared to February 2021, payments jumped 25.6%.

Conventional loans’ national median mortgage payment went from $1,582 in January to $1,749 in February. Meanwhile, FHA loans increased from $1,142 to $1,201 in the same period.

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