NPR, April 8, 2022, Mortgage rates just hit 5%. Here’s how much more expensive that makes home ownership
“It’s pretty insane,” says Nick Cacciatore, who’s looking to buy a house in Tampa, Fla. “It’s very demoralizing.”
Back when Cacciatore was looking last summer, mortgage rates were under 3%. This week they’ve risen to over 5%. While that may not sound like much, it makes a huge difference when you’re buying something as costly as a house. And Cacciatore was looking for homes in the price range of $600,000.
“It added like $700 a month in monthly payments,” he says. “I mean, a ridiculous amount just from the interest rates.” And that doesn’t even factor in the big gain in prices over the past year as he’s been trying to buy a home.
