Inflation has hit a 40 year high.
MIAMI (CBSMiami) – You’re hearing a lot right now about interest rates. That’s because inflation has hit a 40 year high, and now the Federal Reserve has approved the first interest rate hike in more than three years. With that in mind, the two big-ticket items many people deal with are mortgages and car payments. CBS4 looked up the latest median price for a home in Miami-Dade. According to Realtor.com, it’s $485,000. With good credit,700-10,20% down ($97,000), securing a 30-year loan with 4.8% interest rate, the mortgage is over $2,000 a month.
