Buying This Is Going To Get More Expensive In New York State

If you've been following the financial markets over the last few days, you may be feeling like most people: like we're on a really wild rollercoaster ride with very unpredictable turns, dips, and swings.

As more confusion creeps into the economy, people who are looking to make some serious financial commitments are starting to get worried. One of the key things that people need to make sound decisions is certainty, which we haven't had much of since the start of 2025.

With recent swings in the stock market, coupled with significant increases in federal tariffs and duties, another key indicator for the health of our financial system is on the rise.

Buying This Is Going To Get More Expensive In New York State

One of the primary drivers of our economy is the housing market. As we know all over the Empire State, owning real estate goes a long way to help you build assets and generational wealth. Just days after seeing a large decrease, mortgage rates nationwide are increasing to levels we haven't seen in a while.

According to Mortgage News Daily, the average 30-year fixed mortgage rate jumped nearly 0.5% in just two days, which is a significant jump for rates that tend to be fairly stable week to week.

READ MORE: Guess What Town Pays Highest Taxes In Western New York

An increase of this amount in such a short time can spell bad news for the average homebuyer, as it's becoming more difficult to afford the typical home in the Empire State.

For example, in Buffalo, the average home sells for $289,772, and just a 0.5% increase in mortgage rates would increase the mortgage payment on that house by more than $70 per month.

In all this uncertainty, one thing is for sure: We don't know much.