Rising Mortgage Rates Pose Dilemma For Homebuyers

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Mortgage rates have jumped in recent months, and as of Thursday, the rate on a 30-year fixed mortgage was 4.51 percent, more than a whole point higher than the 3.35 percent buyers were seeing in early May.

Sulman Quraishi, of Engel & Volkers Real Estate in West Hartford, visited the Fox CT Morning Extra to talk about what this news means for those either buying or selling a home.

Some economists fear the higher rates should slow the buying of homes, but even at these higher rates, homes remain more affordable now than they have been in decades. An analysis by economists at Goldman Sachs Group Inc. shows that even if mortgage rates hit 6 percent, home would still be affordable by historical standards.

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