Borrowing costs for home loans have reached their highest point in 16 years, with the interest on a conventional 30-year mortgage hitting 6.7% on Wednesday.
Borrowing $300,000 at a rate of 6% on a typical mortgage would add up to $1,800 per month including principal and interest, according to NerdWallet. Earlier this year, when interest rates hovered around 3.5%, that same loan would've amounted to a monthly payment of $1,350.
House hunters in the U.S. have been hit this year with a one-two punch of skyrocketing mortgage rates and still high home prices. The rising cost of homeownership is deterring many aspiring buyers, who instead have opted to continue renting. "It is beginning to look as though home sales will be crushed to the point where the only people buying homes are those with no choice, for family or job relocation reasons," Ian Shepherdson, chief economist with Pantheon Macroeconomics, said in a report. Some relief for buyers may be on the horizon, as home prices are starting to fall and are likely to continue declining in certain real estate markets, economists predict.
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