Share this article!

While the real estate market shows signs of cooling down after the 30-year fixed mortgage rate hit its highest level since 2008, one expert issued a timely warning to first-time homebuyers:

“We’ve seen rates even above 6%, and it’s really hitting the first-time homebuyer and the mass market the hardest,” Anywhere Real Estate Inc. president and CEO Ryan Schneider told FOX Business’ Maria Bartiromo Wednesday.

On “Mornings with Maria,” Schneider reacted to new data showing the 30-year fixed mortgage rate jumped 25 basis points to 5.65%, noting a “slowdown” in the market as a result of the hike.

“Prices have gone up both for homes for sale, and for homes for rent,” the real estate expert noted. “So it’s not clear to me that just waiting is the best answer here for anybody.”