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Transcripts for CNN CNN Newsroom With Ana Cabrera 20220121 18:46:00

again. two bedroom two and a half bath. reporter: he s looking for a house for him and his daughter after he fell out of escrow last month. how many square feet is it? reporter: besides worrying about square footage, there s low inventory, sky-high prices and bidding wars and now rising mortgage rates. they are almost a point higher than they were when i made the offer and got it in escrow. that s a significant jump. reporter: this week a 30-year fixed rate loan is 6.5%, back up to pre-pandemic levels. on the median home price of $350,000, americans can expect to spend $120 more on average, excluding taxes and insurance, than they did a year ago. i think that affects the kinds of homes i look at and the kinds of neighborhoods i look at and the things i m willing to go and have conviction about that i maybe didn t a month or week ago. reporter: mortgage rates are going up in anticipation of higher interest rates which the federal reserve said would

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