RUSH TRANSCRIPT U S ░░░░░░░░ rates are on the ░░░░░░░░ thanks to the Federal ░░░░░░░░ s half percent rate ░░░░░░░░ last week It s ░░░░░░░░ more than that 5 ░░░░░░░░ nearly double the average ░░░░░░░░ from a year ago ░░░░░░░░ were already struggling with ░░░░░░░░ housing inventory and high ░░░░░░░░ So joining us now ░░░░░░░░ tips to help homebuyers ░░░░░░░░ Aaron sykes He is ░░░░░░░░ chief economist for nest ░░░░░░░░ international So there you ░░░░░░░░ Now I see you ░░░░░░░░ s talk about what ░░░░░░░░ going on here Everyone ░░░░░░░░ dealing with high inflation ░░░░░░░░ it s got to ░░░░░░░░ tough for homebuyers How ░░░░░░░░ it affecting first time ░░░░░░░░ in particular So the ░░░░░░░░ difficult part about buying ░░░░░░░░ home is not actually ░░░░░░░░ those monthly mortgage payments ░░░░░░░░ s getting together that ░░░░░░░░ 20 down that you ░░░░░░░░ to get a mortgage ░░░░░░░░ with the continuous high ░░░░░░░░ homebuyers are having a ░░░░░░░░ harder time doing that ░░░░░░░░ the rest of their ░░░░░░░░ is eight nine 10 ░░░░░░░░ even 15 more expensive ░░░░░░░░ we do see such ░░░░░░░░ lag in the numbers ░░░░░░░░ National association of realtors ░░░░░░░░ reporting that of course ░░░░░░░░ mortgage rate increases can ░░░░░░░░ hit buyers in the ░░░░░░░░ It seems like what ░░░░░░░░ a little bit of ░░░░░░░░ percentage point here and ░░░░░░░░ but it can add ░░░░░░░░ adding up to more ░░░░░░░░ 250 monthly resulting in ░░░░░░░░ much as an extra ░░░░░░░░ 000 over the lifetime ░░░░░░░░ a 30 year loan ░░░░░░░░ buyers what can buyers ░░░░░░░░ to put themselves in ░░░░░░░░ better position when they ░░░░░░░░ purchasing a home So ░░░░░░░░ do have some good ░░░░░░░░ This is intentional demand ░░░░░░░░ With these higher rates ░░░░░░░░ going to do is ░░░░░░░░ going to push down ░░░░░░░░ prices If we see ░░░░░░░░ creep up toward 7 ░░░░░░░░ can see up to ░░░░░░░░ 40 pullback in home ░░░░░░░░ Of course we have ░░░░░░░░ talking about the supply ░░░░░░░░ demand story for a ░░░░░░░░ now and how we ░░░░░░░░ a home shortage in ░░░░░░░░ of builders being able ░░░░░░░░ accommodate all the demand ░░░░░░░░ there However I don ░░░░░░░░ want to make everybody ░░░░░░░░ scared and fearmonger because ░░░░░░░░ can be good Recessions ░░░░░░░░ pullbacks they actually reset ░░░░░░░░ so that there is ░░░░░░░░ equilibrium in the economy ░░░░░░░░ you might dependingon your ░░░░░░░░ actually have a better ░░░░░░░░ at getting a home ░░░░░░░░ an affordable price with ░░░░░░░░ higher rates I like ░░░░░░░░ you re giving people ░░░░░░░░ to hang a little ░░░░░░░░ on But can we ░░░░░░░░ rates or home prices ░░░░░░░░ come down anytime soon ░░░░░░░░ do you anticipate that ░░░░░░░░ happen So home prices ░░░░░░░░ lag behind these rate ░░░░░░░░ by a few months ░░░░░░░░ have already started to ░░░░░░░░ even here in Florida ░░░░░░░░ it has been such ░░░░░░░░ hot market we have ░░░░░░░░ to see inventory sit ░░░░░░░░ little bit longer and ░░░░░░░░ have started to see ░░░░░░░░ reductions We are not ░░░░░░░░ those incredibly intense bidding ░░░░░░░░ anymore So you will ░░░░░░░░ to see through the ░░░░░░░░ shopping season prices start ░░░░░░░░ pull back Now it ░░░░░░░░ really finding that sweet ░░░░░░░░ for individual buyers where ░░░░░░░░ can still lock in ░░░░░░░░ moderately low rate 5 ░░░░░░░░ the tipping point anything ░░░░░░░░ 5 is considered incredibly ░░░░░░░░ Now we are at ░░░░░░░░ 5 5 6 You ░░░░░░░░ have a little bit ░░░░░░░░ time to shop watch ░░░░░░░░ prices pullback and really ░░░░░░░░ the ball out of ░░░░░░░░ park with a good ░░░░░░░░ I think that s ░░░░░░░░ sort of really good ░░░░░░░░ for people that are ░░░░░░░░ to make that jump ░░░░░░░░ the housing market Take ░░░░░░░░ very much.