Source: Bright MLS, Freddie Mac. Assumes a 5% down payment, 1.5% closing costs, a 30-year fixed rate loan, and a payment that is no more than 28% of income.

👉 Prospective buyers who were able to qualify for a loan may find that they are now unable to qualify, given the higher rates. Making purchasing even more difficult is persistently high inflation, which has made it harder to save for a down payment as higher prices for gas, food, and everything else are taking a bigger bite out of families’ budgets.

Payments are up in local markets across the mid-Atlantic region but the biggest impact has been felt in communities where prices have been rising the most quickly.💥 For example, in Camden County, NJ home prices have risen more than 22% over the past year and the typical monthly payment is now $605 more than it was a year ago a 61% increase. In many suburban and exurban counties, demand for housing surged during the pandemic, sending prices to record highs. Now, mortgage payments are surging as well. In Harford County, MD, outside of Baltimore, 

the typical monthly payment rose by $725 between May 2021 and May 2022, an increase of 56%.

👉Over the past few months, mortgage rates have risen faster than at any point since the early 1980s. Interest Rate Change from time to time Home buyers act now don't delay