San Diego realtor Trent Cady: What rising interest rates mean for potential home buyers
SAN DIEGO (KUSI) – Mortgage rates are on the rise and some experts say it could make it more difficult to buy a home.
About 30 to 45 days ago, the average 30 year fixed mortgage was about 3.5% . As of today it sits at about 6.2% which is almost double.
“So say you were out in the market looking for a $700,00 – $800,000, 30 to 45 days ago, now your qualification power has been taken down a ton and now that $800,000 you thought you could qualify for has now dropped down to $650,000.” Cady said in the interview.
Trent Cady from the Mike Cady Realty group joined KUSI’s Elizabeth Alvarez on “Good Morning San Diego” to discuss what this means for the average buyer.