...tell me this won't have any effect on household consumption.
BREAKING: The median US mortgage payment jumped +4.9% year-over-year in May to a record $2,882/month.
Over the last 3 years, the median home payment has risen by ~$580/month, or 25%.
This comes as home prices rose +1.7% year-over-year to $391,725, near the highest on record.
The record housing payment also assumes 30-year fixed mortgage rates of ~6.8%.
Meanwhile, pending home sales declined -2.2% year-over-year, to their lowest level in data going back to 2015, according to Redfin.
Homeownership is becoming even more of a luxury.
