Cost of buying a home in America reaches a new high, Redfin says
CBSN
Buying a house is costlier than anytime in at least the last decade, with property buyers hit with the double whammy of rising mortgage rates and home prices, according to real estate company Redfin.
The average interest rate on a fixed 30-year home loan rose to 7.1%, marking the first time this year rates have topped 7%, according to Freddie Mac. Meanwhile, the median asking price for U.S. home — what homeowners hope their property will sell for — jumped to a record $415,925 for the four weeks ended April 21, Redfin said.
The median U.S. home sale price — what buyers actually paid for a property — also hit a record in April, reaching $383,725, Redfin said, with its data going back to 2015. Sale prices combined with current mortgage rates pushed the median mortgage payment to a record $2,843, up nearly 13% from a year ago, it added.
Xavier University of Louisiana became the second school to rescind a commencement invitation to United Nations Ambassador Linda Thomas-Greenfield because of the student outcry over the conflict in the Gaza Strip. The move came days after the University of Vermont also canceled Thomas-Greenfield's commencement address.
Nine bodies were found Wednesday in a northern Mexican state reeling from a wave of drug cartel-related violence, authorities said, in the second such discovery in as many days. A homicide investigation was launched after the bodies of nine men were found in the city of Morelos in Zacatecas, the state prosecutor's office said.
Alabama has scheduled a date for the upcoming execution of Alan Eugene Miller, a convicted murderer who, after surviving a previous execution attempt, is set to become the second inmate ever put to death using nitrogen gas in the United States. Nitrogen hypoxia is a controversial method allowed only in a handful of U.S. states that essentially aims to asphyxiate the prisoner with a gas mask devoid of oxygen.