KPIX CBS July 3, 2024
Mortgage payment sticker shock, affording a home in the bay area already difficult enough and now the hunt is getting even tougher. This week the average 30year fixed Mortgage Rate hit 8 the first time in more than two decades. It was as low as 3 just two years ago. It is a consequence of the Federal Reserve raising short term rates to slow the economy and reduce inflation. So here is the painful result. A new report by the real estate listing site redfin found people looking to buy a home in the bay area should impact to spend an average of 10,000 a month on mortgage payments. A household nee...