The 8% mortgage is here

Mortgage rates on the 30-year fixed-rate loan just crossed the 8% mark, hitting the highest since 2007. That means if you’re thinking about buying, it might be pricier to finance your home.

According to Mortgage News Daily, rates jumped from 7.69% to 8.03% in just a week. HousingWire’s data is in line, showing rates climbing to 7.78% from 7.52%. It’s worth noting that these numbers are a tad higher than what Freddie Mac reports, but they all agree that rates are on the rise.

This could make it trickier for first-time buyers to get in the game. In fact, high rates are affecting both buyers and home builders. Builder confidence is dipping, and new home construction might slow down.

The good news? Some experts think rates will cool off in the next quarter, which could make it a bit easier for buyers. For now, it’s a good idea to shop around with different lenders for the best rates and ask about down payment assistance if you’re a first-time buyer.
In a nutshell, it’s a changing market out there, so stay informed and patient