CHARLOTTE, N.C. — Mortgage rates are now at the highest level they've been since 2008. The average rate for a 30-year mortgage is around 6%, according to new data from Freddie Mac. That's more than double what it was this same time last year.
So what does this mean for you?
Simply put: It's a lot more expensive to buy a home.
“If you were buying a home on January 1st of this year, there's a $700 difference in your monthly payment now compared to what you would have paid back then," Diana Olick, CNBC Real Estate Correspondent, explained.
Typically, when mortgage rates increase, home prices go down to make up the difference and offset the cost. That might not be the case in this current real estate climate.
Freddie Mac points to home inventory and the fact that, despite the higher interest rates, there are still more people wanting to buy homes than there are homes available.
You can expect home prices to decline, but not by much, according to Freddie Mac.
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