The average interest rate for a 30-year fixed-rate mortgage reached 6.29% on Thursday, a figure that has doubled since January as the Federal Reserve hikes interest rates to try taming inflation. Mortgage interest rates surpassed 6% this month for the first time since the Great Recession, and continue to climb upward, cooling homebuying demand in the pricey Bay Area housing market. UPDATE: High mortgage rates are changing the Bay Area housing market in two key ways. Ethan Swope/The Chronicle Show More Show Less A home is listed for sale in San Francsico. Many Bay Area homebuyers left behind by rising interest rates on mortgages. Lea Suzuki/The Chronicle Show More Show Less 4 of4 Yet, the city is proposing affordable housing be developed on the land. Lightspeed headquarters on Sand Hill Road in Menlo Park, Calif., is some of the priciest real estate in Silicon Valley. Rising mortgage rates leaves Bay Area homebuyers on the sidelines. Lea Suzuki/The Chronicle 2021 Show More Show Less 3 of4 That’s up 41% since the end of 2021 and 53% since a year ago. The monthly mortgage payment for a typical home in the San Francisco metro area was $8,117 as of June 16. Mortgage rates are rising and Bay Area homebuyers are left behind. Lea Suzuki/The Chronicle Show More Show Less 2 of4 The building at 840 Post Street (center) is seen on Friday, Septemin San Francisco, Calif. Here's how high Bay Area mortgage rates are after a fed rate hike.
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