Interest rates are around 6%, and for some San Diegans, that is still too much for purchasing a home.
“For every 1% increase in rate, a buyer qualifies for about 10% less home,” Harper said.“If they qualified for a $900,000 loan when rates were at 5%, when they go up to 6% there is a 10% drop in the sales price or loan amount they are going to qualify for so they’re only now going to qualify for $810,000,” Harper said.
On the flip side, those higher rates are impacting home sale prices in the county. It’s a ripple effect Jason Rooney experienced when he sold his home this summer. ”Yeah it was a little frustrating,” Rooney said. “More trying to sell our old home versus buying a new home.”“It was just trying to get the price point we wanted for it because the market was slowing down or people weren’t as eager to buy,” Rooney said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mortgage rates reach highest since August 2007Last Week mortgage rates climbed to 6.02% the highest since 2008, until today, which saw the rates climb to 6.29% for the 30-year fixed-rate mortgage (FRM).
Read more »
Blockchain venture capital funding fell to a 12-month low in AugustBlockchain funding from VC firms is down to a record low. What ever happened to building in the bear market?
Read more »
2 women say west Houston apartment complex won't rightfully return money following August fire'We're just asking for basic human decency.' Two women impacted by a fire at a west Houston apartment complex say management is being 'inhumane' following the blaze.
Read more »
China Electric Car Sales — 30% Share Of Auto Sales In August!Plugin vehicles continue to be all the rage in the Chinese auto market. Plugins stayed in the fast lane in July, growing 92% year over year (YoY). They scored over 552,000 registrations last month. Plugin
Read more »
China: Plug-In Car Sales Almost Doubled In August 2022Some 552,000 new passenger plug-in electric cars were registered in China in August, which is 92% more than a year ago.
Read more »
Nearly 225,000 Americans have died of COVID-19 since the start of 2022 despite viral declines, data showsAlthough the daily death rates have ticked down slightly from August, updated federal data shows that the U.S. is still losing hundreds of Americans to COVID-19 every day.
Read more »