Homebuyers nationwide are feeling the impacts of rising interest rates as U.S. mortgage applications fell to an almost three-decade low this month.
Thirty-year fixed mortgage rates have hit their highest level in more than two decades as the average rate approaches 8% this month, well above the pre-pandemic average of 3.9%, according to Freddie Mac.
Some of the most expensive housing markets in the U.S. include San Diego, Denver, Miami and New York City, according to Redfin, but there are ways around the price increases along with the dip in buyer demand in the winter.