The average 30-year fixed-rate mortgage shot up to nearly 8% in late 2023. It fell to just above 6% last fall, bounced back above 7% in mid-January, and declined again recently.
It’s the first time the home improvement retailer posted gains in two years. This is partly because homeowners are renovating instead of shopping for a new home.
Home insurance premiums are 52% higher than they were in 2020, and the average homeowner is now putting about a third of their monthly payment to taxes and insurance.