Mortgage rates climb to their highest level in 16 years - CBS News
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Mortgage rates have now more than doubled since the beginning of 2022.
As measured by their "effective" rate, which factors in the compounding period for a loan and which thus offers a truer picture of the cost to homebuyers, mortgage rates are now just above 7%, according to Oxford Economics.
have been hit this year with a one-two punch of skyrocketing mortgage rates and still high home prices.
Some relief for buyers may be on the horizon, as home prices are starting to fall and are likely to continue declining in certain real estate markets, economists predict.
Home prices in Sacramento, California; Salt Lake City, Utah; and Seattle, Washington, are seeing some of the steepest declines.
The number of mortgage loan applications dropped roughly 14% during the final week of September, according to the Mortgage Bankers Association.
Borrowing $300,000 at a rate of 6% on a typical mortgage would add up to $1,800 per month including principal and interest, according to NerdWallet.
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