Looking to buy a home this spring? Good luck, there's not much out there
Over the last few months, Larry Chanes and his wife, Claudia, debated selling their Upland home and moving an hour away to Murrieta. The couple, with two daughters at home, wanted more space and to be closer to work and family.
But when they ran the numbers, the Chaneses decided against listing their home and making the move to southern Riverside County.
They'd have no choice but to swap out their 2.75% mortgage for one in the 6% range, and the new rate would make the monthly payment difficult. Even if they could comfortably afford it, that much money going just to interest felt like a waste.
"We are basically throwing money away" at 6%, said Chanes, a 47-year-old operations manager for
