(Joey Mendolia WFIU/WTIU)
Noon Edition airs on Fridays at noon on WFIU.
Mortgage rates continue to rise. Last week, rates on 30-year fixed-rate mortgages rose above 7 percent for the first time in 20 years. In Indiana, the current rate as of Nov. 1 sits at just above 7 percent for 30-year fixed-rate mortgages and average loan amounts among Hoosiers is just over $194,000.
New and old homeowners alike share concerns about the affordability of moving to a new home as new home sales continue to decrease. In November of 2019, new home sales were at 719,000 homes sold with rates on a 30-year fixed-rate mortgage at 3.70 percent. In July of this year, new home sales decreased to 511,000 with rates at 5.41 percent. Now with rates above 7 percent, new home sales continue to decrease.
We will talk with our guests Friday about high mortgage rates and their effect on homeowners and the economy.
You can follow us on Twitter at @NoonEdition or join us on the air by calling 812-855-0811 or toll-free at 1-877-285-9348. You can also send questions for the show at news@indianapublicmedia.org.
Guests
Doug McCoy - Al and Shary Oak Director of Indiana Center for Real Estate studies, Senior Lecturer of Finance for Kelley School of Business, and Director of the Center for Real Estate Studies
Dave Peters – Area Sales Manager at American Mortgage Service Company (now known as Thrive Mortgage)
Landon Buesching – Real Estate Broker at eXp Realty