Homebuyers have lost six figures in buying power over the past year, thanks to soaring mortgage rates, according to new research.
It’s the equivalent of about $140,000, a new report from RedFin calculates, as mortgage rates jumped to 6% since the beginning of the year.
“Raising interest rates is necessary to fight inflation, but it comes with some painful side effects — especially for homebuyers,” said Chen Zhao, Redfin’s economics research lead.
