It shows how much Bay Area home prices need to fall to offset rising mortgage rates.

Rising mortgage rates have slowed the Bay Area housing market, with many buyers refusing or unable to make mortgage payments as mortgage rates have risen significantly.
Doubled from January.

caused by a drop in demand
price drop
In recent months, especially in the South Bay, typical home prices have fallen 6% since May, according to property site Zillow.

However, given that home prices have risen significantly during the pandemic, it perfectly offsets the increase in mortgage payments caused by rising interest rates, thereby increasing the monthly expenditure of a typical Bay Area homeowner. How much more should be lowered to keep ?

Chronicle’s data analysis has already outpaced price declines in the past four months.

but
Fed up 0.75 percentage points
Wednesday’s rise in short-term borrowing rates did not trigger another spike in 30-year mortgage rates, which remained hovering around 7%.
Federal Reserve economic data.

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