The mortgage rate for an average 30-year fixed rate hit 7.5% Monday, marking the highest it has been since April 2024. Santa Clara County Realtors Association said the hike is likely to make it even harder for homebuyers, particularly first-time homebuyers to afford to purchase a home. For tho se who can still afford to buy, experts said the higher rate is likely to force a change in strategy. “We’re finding that there’s still plenty of buyers out there looking for properties to own,” Santa Clara County Realtors Association President Michael Gordon said. “They’re having to adjust their budget temporarily or look at other funding mechanisms against their retirement, liquidating certain stocks, and they’re actually bringing more cash to the table and using a little less financing in previous years.” Meanwhile, rising rates may continue. Many experts are predicting another rate hike could be coming as soon as next week. ...read more read less