Rising Mortgage Rates Impact Bay Area Real Estate Market
The average 30-year fixed mortgage rate reached 7.5% on Monday, the highest since April 2024. The Santa Clara County Realtors Association suggests this hike will make homeownership difficult for buyers, especially first-time ones. Experts note that some buyers are adjusting budgets or using more cash due to higher rates.
Sources (1)
- NBC Bay Area (KNTV)Sep 29, 12:00 AM