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Welcome to the housing market’s ‘new normal’ — 7% mortgage rates and all
![Welcome to the housing market’s ‘new normal’ — 7% mortgage rates and all](https://dailybusinessinvestor.com/wp-content/uploads/2024/02/240222-volkswagen-golf-recall-se-1258p-f485f5-800x533.jpg)
While it’s difficult to predict exact economic outcomes, here are a few things you should expect and prepare for in the ‘new normal’ housing market with the possibility of 7% mortgage rates:
1. Higher Monthly Payments: A rise in mortgage rates from 3% to 7% effectively more than doubles the interest cost of a loan. This increase will lead to higher monthly payments for new homebuyers and may push some potential buyers out of the market.
2. Stress on Current Homeowners