Mortgage rates have gone through the roof — from 3% at the start of the year to nearly 7%. Frustrated buyers are throwing up their hands and giving up, unable to afford the bigger payments.
Mike is a CPA and Andrea works as an engineer. They can afford the higher mortgage payment, but it will mean they can't spend or save money for other important things.Those soaring mortgage rates mean some people are backing out of buying a house altogether. In Colorado, 32 year old Hillary Tollerud-Ho had also agreed to buy a new home. But with the higher rates, she and her husband can't qualify for a mortgage anymore.
The couple lost a $1,000 dollar deposit they had put down. And they could have lost more."Luckily, the builders were more than understanding," she says."They didn't need to, according to the contract we had signed, but they returned the $5,000 earnest money."The higher mortgage rates are putting home ownership out of reach for millions of people. And as a result, it's no longer a frenzied housing market with bidding wars and multiple offers on every home.
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