The June 30-year-fixed mortgage rate reached all-time highs, shooting over 6 percent. While rates dropped for July and August, September rates are elevating again, according to a Sept. 7 report from CNBC.
This week, rates are at around 5.94 percent for loans with a 20 percent down payment, up 0.14 percent from last week.
Mortgage applications to refinance homes have fallen, down 83 percent from the same period last year.
With September's rates, someone buying a $400,000 home will pay close to $700 more per month than they would have a year ago.