'Affects a lot of people': Homeowner expressing concerns about rising interest rates – Spectrum News

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CHARLOTTE, N.C. — The Federal Reserve just hiked interest rates for the sixth time this year, as a means to slow down inflation.
 
What You Need To Know
 
The rates are up another 0.75 percentage point, making it costlier for people to take out loans for products like cars and houses. This has some homeowners expressing concerns about the future of the housing market. 
Robert Custer lives in Indiana. He works for the company Underwriters Laboratories, performing air quality testing in buildings across the country. 
Custer says he travels to North Carolina frequently for work. In five years, he says he hopes to be living in the Queen City if the mortgage rates are looking right.  
Custer says right now, the housing market is a bit shaky due to the interest rates rising. 
"It affects a lot of people different ways," Custer said. "I’ll keep my eyes on places right now and wait until the moment is right."
Experts at Essex Richards Law Firm say the rate hike will impact the mortgage market. 
"It’s going to be more expensive to borrow money now than it was this time last year," said Heather Culp, bankruptcy and business litigation attorney. "That’s probably most dramatically seen in the mortgage market."
According to the Federal Home Loan Mortgage Corporation, mortgage rates are hovering just below 7%, double where it was a year ago at 3.09%. For residents like Custer, that jump is just too high. 
Custer says he’s been trying to refinance the mortgage for his house, which is a move that could help to lower monthly payments. He’s now rethinking those plans. 
"You’re almost wondering if it’s even worth it to refinance," Custer said. 

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