Mortgage Costs Soared in 2022 as Rates Spiked, Forcing Homebuyers to Pay More
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Borrowers paid 46% more for mortgages in 2022 as interest rates rose, per CFPB report. Monthly payments averaged over $2,000.
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Homebuyers paid more in closing costs and fees. Median discount points cost was $2,370, up 32% from 2021.
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Homeowners tapped home equity through cash-out refinances and home equity loans, possibly to handle rising costs.
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Foreclosure inventory rate stayed at 0.3% as home equity rose. Late mortgage payments remained at historic lows.
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Struggling homeowners can avoid foreclosure by speaking with their lender, getting a loan modification, or selling their home.