On Thursday, mortgage rates reached the highest they’ve been in 20 years.
The average rate for a 30-year fixed-rate mortgage topped 7%, according to federal mortgage buyer Freddie Mac's latest survey released Thursday.
The higher rates coincide with a drop in home prices in San Diego, which are among the highest in the nation, according to the S&P Case-Shiller Indices.
"Prices in San Diego are down now for the fourth month in a row. So the median home price — that includes every type of house you can imagine — that's $795,000. So that's down from our all-time high of $850,000 in May," said Phillip Molnar, senior business reporter with The San Diego Union-Tribune. "So it's sort of a substantial drop, a 6% drop in a year."
Molnar joined KPBS Midday Edition Friday to talk more about the impact higher mortgage rates are having on San Diego's housing market.
