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Economic forecasts suggest that mortgage payments, which increased by nearly 10% over the past year, will increase by more than 11% before August 2018, according to CoreLogic. While home prices have risen by 6% last year, mortgages increased at an almost 10 percent rate do to mortgage rate increases.
CoreLogic uses a “typical mortgage payment” measure, which is a mortgage-rate-adjusted monthly payment based on the median U.S. home sale price for each month. The typical mortgage payment offers a measure of the impact of inflation, mortgage rates, and home prices on affordability.
