Which cities have the biggest mortgage rate swings?
Citi Trends shows the most common mortgage rates for the last three years, with data for 2021 available for each city.
The average rate for a 20-year fixed mortgage in each city is 1.4 percent.
That is higher than the average of 1.1 percent for the past decade.
In many cities, rates are falling faster than they have in years past.
The median rate in 2021 is 1 percent, and it has declined for several years, including a 0.8 percent drop in 2021.
The next lowest rate in the 20- to 24-year-old cohort is 1,049 percent.
But the next highest rate in that group is 1 million percent.
Some cities have been making steady improvements to their mortgage rates, but others are falling short of what the country is experiencing.
Rates have been declining for many years, but they are on a downward trajectory, said Jennifer A. Shirey, a spokeswoman for Citi.
“The rate swings are just so high,” she said.
In most of the cities that have posted significant changes in their rates in recent years, mortgage rates have risen since their peak.
Citi says that many cities have seen the impact of the mortgage meltdown on their neighborhoods, and have struggled to keep up with rising costs.
The mortgage crisis has made homeownership more difficult for many.
The U.S. Consumer Financial Protection Bureau said that more than half of households with a home are struggling to keep a roof over their heads or have less disposable income.
Mortgage rates are up in some cities and falling in others.
Some areas, such as New York, have seen rates drop faster than others.
For example, New York City, the biggest city in New York state, has a median mortgage rate of 1,200 percent.
Many other areas have seen mortgages fall in recent months.
For the first time, the national average mortgage rate in New Orleans, Louisiana, was 1,250 percent.
The national average for the 20 cities with the highest mortgage rates in 2021 was 1.6 percent.