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Mortgage rates hit 6%, first time since 2008 housing crash

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Average long-term mortgage rates climbed over 6% for the first time since the housing crash of 2008.

KIMT News 3 - Average long-term U.S. mortgage rates climbed over 6 percent for the first time since the housing crash of 2008. 

Aaron Jones, Coldwell Banker Realty, realtor says it's still a pretty good rate in comparison to decades before.

He encourages people to think long term at 15 or 30 year mortgages and the possibility of refinancing down the road. 

He says there are some positives to what is happening with buyers today. There is an increase in selection - and contingency rise,  meaning  buyers are more likely to do home inspection, giving them opportunity to sell houses. 

“Some of the rush that we saw earlier this spring has dissipated brought more of an even keel of what my next house looks like gives people a little bit more time to navigate and process,” says Jones. 

He adds looking at the current market the number of home sales in fall is a little bit different, sellers are more likely to make price adjustments. 

His advice for first time home buyers is to simply take your time. 

“We don't need to speed up the process now which is a benefit. Considering what rates are at, we realize that they may raise a little bit, but we also see those prices maybe soften a little bit too.” 

The long-term average rate has more than doubled since a year ago, the highest it's been since November of 2008, just after the housing market collapse triggered the great recession. One year ago, the rate stood at 2.86%

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