Rates Hit 7.28%. Wall Street Wants Your Paid-Off House.

So this just happened.

Mortgage rates jumped again.

Freddie Mac's latest numbers put the average rate on a 30-year mortgage at 7.28%.

That's the highest in almost three years.

And in that same release, Freddie Mac said the housing market continues to be supported by favorable economic conditions.

Favorable, hang on to that word.

Because favorable conditions can still make your next move a lot more expensive.

And here are the key takeaways you wanna remember.

If you have a fixed-rate mortgage, your rate doesn't budge.

But the rate your buyer pays is a different story.

When their payment goes up, the offers you get can come down.

And a smaller house doesn't always come with a smaller monthly bill.

Let's put a price on it.

Take a $400,000 loan, paid back over 30 years.

At the new average rate, that payment runs about $250 a month more than it did at last year's rate.

And that's before taxes and insurance.

Over a year, that's about $3,000 your buyer has to come up with somewhere.

Now, that's their payment, but it finds its way back to you through the offer.

And here's where this opens up.

Your buyer has a few options now.

Bring more cash, go find a cheaper house, or offer you less.

So before you count on your sale to pay for the next move, price the next move first.

Get an estimate of what you'll actually walk away with after you sell.

Then price the next place, including what it costs you every month to live there.

And when it comes to the quiet part, no one's saying out loud.