The average 30-year home loan rate hasn't topped 5% in more than a decade, according to Freddie Mac data.
. The higher rates are pricing millions of buyers out of the market, while also making it less attractive for current homeowners to refinance their properties. Home loan applications slipped more than 6% for the week ended April 1, according to the Mortgage Bankers Association.
"What it means is any particular home you buy is going to be more expensive to pay for on a monthly basis," Tucker said."For some folks that means looking at a smaller home in a different neighborhood, or a townhouse instead of a detached home."
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