We're buying a home, taking out a mortgage loan
, just getting more expensive. As we talk about
rates, mortgage news daily has the average 30 year
fixed rate topping 7% today. The first time rates
are above 7% since october. So to put it
into perspective, a buyer purchasing a$400,000 home and
putting 20% down will pay about$250 more a month
on their mortgage today than if they got their mortgage
a month ago. Mortgage rates are nearly double what
they were this time last year, keeping many would
be buyers out of the market, leading to lower
home sales.