Mortgage payments are becoming more expensive. A senior loan officer notes that higher mortgage rates mean buyers cannot afford as much. This is due to a significant increase in the average 30-year fixed mortgage rate.

The current rate is 6.71%, a high point for the year. Some buyers are hesitant, while sellers are waiting. Despite this, the loan officer believes it is not a bad time to buy, as sellers may offer incentives.

Sellers are reportedly offering large sums to close deals, though details of these transactions are limited. Further information is available from the source.