Experts warn of interest rate hike; new mortgages could cost buyers thousands more

Experts are warning that new mortgages could cost buyers thousands more due to potential interest rate hikes. Although a mortgage rate increase is not guaranteed if the federal interest rate rises, the likelihood of such an increase has now jumped to 35%. This shift suggests a growing risk for prospective homeowners who may face higher borrowing costs, impacting the overall affordability of new mortgages as market conditions evolve according to current financial expert projections.