As 30-year mortgage rates hit 6.7%, homebuyers are facing ‘payment shock.’ Here are ways to save
- Hector Curiel
- Oct 3, 2022
- 1 min read
Even with signs that the housing market is cooling, homebuyers are still feeling the sting of elevated prices and higher interest rates.
The average rate on a 30-year fixed-rate mortgage is 6.7% as of Friday, up from 3.3% at the start of 2022, according to Mortgage News Daily. Alongside that, home prices — the median is $435,000 — are up 13.1% on average from a year ago, according to Realtor.com.
“I think the major problem is payment shock,” said Stephen Rinaldi, president and founder of Rinaldi Group, a mortgage broker based near Philadelphia. “When I sit down with clients and the rate is in the 6s, their payment is outrageous sometimes.”
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