Interest Rates Soaring as Federal Reserve Raises Rates
Back here at home Americans are starting to feel the impact of the federal reserve’s latest interest rate hike mortgage rates are now at the highest level since 2008.
Souring Interest Rates Threaten First Time Home Buyers
The 30-year fixed rate has almost doubled this year from January’s 3.22 percent to today’s 6.29 percent well in tonight’s money CBS reports on buyers who worry owning a home may soon be out of reach I do like the neighborhood started house hunting in suburban Minneapolis more than a year ago..
What’s it like in this market as a first time home buyer almost feels like it’s impossible to to buy a home the prices are still way too high for what you’re going to get those high prices along with high mortgage rates and low inventory have put many homes out of reach for prospective buyers realtor hope Rosenberg sees it with some of her own clients.
You’re a first time home buyer and your step-up buyer are being most affected the step-up buyer who will currently sell in this market will get a lot of money for their home but they’re going to be paying a premium for their next home the median existing home price in august was nearly four hundred thousand dollars and almost eight percent jump from August of 2021.
Mortgage Rates Spike in Response to Inflated Home Prices
So for a three hundred thousand dollar mortgage the monthly payment would be one thousand eight hundred fifty five dollars 554 more than at the end of last year the pace of the increase is pretty stunning at a time when home prices have not really fallen yet the business say they’re committed to finding that perfect home for their family of four what would buying a home for the first time mean for you so it’s part of the American dream..
That’s right you know you want that little piece you know your land so you always have something that you can give it to your kids while interest rates are the highest they’ve been in 14 years eureka analysts say it’s a long way from the 14 or even 16 percent rate seen in the 1980s very good point made.