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Published: Apr 19, 2024 3 min read
Illustration of a rising arrow in the shape of a house with the words  For Sale

A spike in mortgage rates — plus high prices in the current spring market — pushed the cost of a home purchase up to a new all-time high.

The median monthly payment for a home climbed to $2,775, which is a record high and an 11% increase from a year ago, according to Redfin.

Current mortgage rates are a big reason why costs are so high for homebuyers now. Mortgage rates closely depend on the Fed’s benchmark rates and expectations about where they’re headed. When inflation numbers came in hot last week, it pushed back expectations about when the Federal Reserve will cut interest rates.