Newark Daily Brief: What a Month of Rising Rates Costs Here

Instead of another daily rate recap, here is the last month in dollars. Mortgage News Daily's 30 year fixed was 6.89% on Sept. 8 and 7.50% on Thursday, after a high of 7.61% on Oct. 5. Thursday's reading was a drop from Wednesday's 7.59%, not a jump.

One price cut and two homes off the contract list

From Thursday to Friday, no house or townhome was newly listed in Newark and no new contracts were written. One seller cut the asking price. Two homes left the in contract list, typically because they closed, so that count fell to 22. The buyable list held at 62.

What the month cost

On Newark's median asking price of $1,298,000 with 20% down, the loan is $1,038,400, inside the $1,249,125 high balance conforming limit for Alameda County. Principal and interest was $6,832 a month at Sept. 8's 6.89% and is $7,261 at 7.50%, $429 more for the same home. Put the other way, the Sept. 8 payment now borrows about $61,000 less.

If your preapproval dates from early September, it is worth having it rerun. If you are looking, Harv Balu and Liliana Mayen will send you every home that fits your search.