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Mortgage rates shrink housing affordability for buyers in San Diego

Yahoo Finance Live’s Brian Sozzi breaks down the stat of the day.

Video Transcript

[AUDIO LOGO]

- Talk about the impact of higher interest rates, folks. A San Diego homebuyer with a $3,000 monthly budget can afford a mere 931-square-foot home at today's 6.7% mortgage rate, according to a new report out of Redfin. That's down from the 1,366-square-foot home the same buyer could have purchased a year ago when rates were near record lows at about 3%.