Average 30-year mortgage goes over 7% as LI homes are at record highs
Danielle Sabatino, of Seaford, and her fiance Nicholas Carranza were hoping to buy a house, but she says it is not going to be easy.
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The average 30-year fixed-rate mortgage jumped to over 7%, which is a 21-year high.
This comes as prices for homes on Long Island have hit record highs.
Danielle Sabatino, of Seaford, and her fiance Nicholas Carranza were hoping to buy a house, but she says it is not going to be easy.
“We have the school loans that are starting up,” Sabatino says. “When you want to get married, you want to do it all kind of at the same time, and it’s just a little hard to do that.”
She says all of the houses in their price range need fixing.
Stacey Krumholz, assistant director of housing for Long Island Housing Partnership, helps first-time homebuyers on Long Island. She says her clients tell her the rates are too high.
“They’re really being priced out of the market is what’s happening,” Krumholz says.
Krumholz says if clients love a house that they can afford, she reminds them that they can always refinance down the road.
Meanwhile, couples who want to buy a home are having to wait a little longer than they want.
“Long Island’s definitely the place you want to raise your kids too, so that’s why we’re trying to stay here, but the way it’s looking, it’s hard to determine the future,” Sabatino says.
At this time in 2022, 30-year home loans averaged at just over 5%.
