Mortgage interest rates have pushed back toward 7%, putting pressure on housing affordability. Compared to a year ago, when rates were about 1/2 a percentage point lower, monthly mortgage (principal and interest) payments for a typical borrower are up about 5 percent.

The cost of homeowners' insurance has risen over the years, and there's a large difference in rates across the U.S.. So why does California have relatively lower rates compared to similarly disaster-prone states like Louisiana and Oklahoma? Find out in our latest monthly outlook.

As a percent of income, homeowners' insurance costs have increased from 1.49% to 1.64% on average, while principal and interest payments went from 17.9% to 22.1% from 2018-2023.

(Freddie Mac 30-year fixed, owner occupied purchase mortgages)

U.S. mortgage rates end the year at the highest level since 2001
up about a 1/4 point from last year, but down over a percent from the highs at end of October

Spooky season for the housing market as mortgage rates climb to the highest level since the year 2000 😱

Mortgage rates up again, highest 30-year fixed has been since December 2000.

freddiemac.com/pmms

Great Scott! The last time housing affordability in the U.S. was as low as it is now (July 1985) Back to the Future was the #1 movie in America.

Housing market Kryptonite

Mortgage rates in the U.S. highest since the year 2000, when 3 Doors Down was near the top of the U.S. music charts
freddiemac.com/pmms