Mortgage rates have climbed above 7% for the first time since May, indicating that the era of 3% rates making homeownership affordable is over.
A difference of a few percentage points in mortgage rates can lead to hundreds of thousands of dollars in interest over the life of a loan.
The rise in mortgage rates has led many homeowners with low rates to stay put, reducing inventory and likely driving home prices higher.
With current mortgage rates, many potential homebuyers need an income of over $110,000 to afford a home, leaving most waiting for income increases.
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