The Real Deal: Looking to buy a home? Here are some hurdles you may face to buy your dream home.

New data from Investopedia shows that mortgage rates are rising.

News 12 Staff

Aug 4, 2023, 10:07 AM

Updated 352 days ago


The housing market in Connecticut has been a hot place to buy and sell over the past few years.
There has been a drastic change in the prices of homes and with mortgage rates. Prices on homes in the state are some of the highest in the country.
New data from Investopedia shows that mortgage rates are rising.
"Interest rates have been on the rise for the last year and a half and that has affected mortgage rates, especially in the state of Connecticut," says Caleb Silver. "In July of 2022, the 30-year fixed was 5.42%, it's now 7.29%."
Connecticut market specialist Brian Cleary says many homeowners have low mortgage rates from buying or refinancing during the historic lows in 2021. So, now they don't want to get into a new home with a higher rate.
Data shows the market currently has under 4,000 homes available to buy in Connecticut. Before the pandemic there were six times as many for sale.
"If you combine the mortgage rates going up and the values going up you are honestly paying about double as far as your monthly mortgage payment for a house today than you would have for a house back in 2020," says Cleary.
Cleary says despite the fact that most homes go into bidding wars even with the high prices, it still isn't a bad time to get a new home.

More from News 12