As 30-year mortgage rates hit 6.7%, homebuyers are facing ‘payment shock.’ Here are ways to save | CNBC

Even with signs that the housing market is cooling, homebuyers are still feeling the sting of elevated prices and higher interest rates.

The average rate on a 30-year fixed-rate mortgage is 6.7% as of Friday, up from 3.3% at the start of 2022, according to Mortgage News Daily. Alongside that, home prices — the median is $435,000 — are up 13.1% on average from a year ago, according to Realtor.com.

“I think the major problem is payment shock,” said Stephen Rinaldi, president and founder of Rinaldi Group, a mortgage broker based near Philadelphia. “When I sit down with clients and the rate is in the 6s, their payment is outrageous sometimes.”…….Click here to read the source article[read more]

Rising Dough

Rising Dough - the question(s) that we need to think about from the reading.How is the rise of interest rates affecting homebuyers and the ability to become a homeowner in the future?

*Click on the “Full Loaf” icon to read the full article! After you read the full article, come back and tell us your thoughts.

One thought on “As 30-year mortgage rates hit 6.7%, homebuyers are facing ‘payment shock.’ Here are ways to save | CNBC”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.