Mortgage rates are at their highest since 2002. Those skyrocketing rates are helping cool some of the country’s hottest housing markets.
Nationwide, home prices soared 43 percent in two years. But now — in cities that had those massive spikes — prices are being slashed.
The fastest cooling markets are Seattle, Las Vegas, San Jose, San Diego, Sacramento and Denver. Holding strong are Chicago, Albany and Milwaukee.
Experts say despite the price cuts the average monthly mortgage payment is still higher than if you bought a home at the peak of the market. But if the rate drops you can always refinance to ease the pain.
RELATED: 3 tips to prepare for recession, including whether to take that new job
RELATED: Long-term mortgage rates reach highest level in 15 years
