Rising mortgage interest rates could create ‘sticker shock’ for Bay Area homebuyers

Mortgage interest rates surpassed 6% this month for the first time since the Great Recession. The average interest rate for a 30-year fixed-rate mortgage reached 6.29% on Thursday. Home sales in the Bay Area have dropped 29% from last year, a trend that’s likely to continue through the rest of the year as rates keep climbing. No place in the country saw a bigger drop in luxury home sales than San Francisco, a Redfin report says. The region’s high-earning buyers are getting sticker shock when they see the impact of rising mortgage rates on paper.

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