Don't Waste Your Money | Home buyers frustrated as prices reach all-time high | Business

LOUISVILLE, Ky. (WDRB) -- Disappointing news for home buyers this month - a new report shows prices continue to rise to new highs, despite high mortgage rates.

A lot of potential home buyers were hoping for lower mortgage rates or lower prices after a big jump in the prices these past three years, but so far they are not seeing either one.

The latest from Case Schiller Home Price Index shows prices up 6.5% year to year, with prices rising in all 20 major markets it surveyed.

Like many home buyers right now, one woman has been frustrated.

"Very frustrating. Really couldn't find anything that I was willing to pay more than what they were asking," she said.

To make it worse, these higher prices come the same time mortgage rates remain stuck around 7%.

Experts had been predicting lower rates this year, but it hasn't happened.

CNN said the combination of high prices and high mortgage rates has the housing market locked by a "golden handcuff."

Current owners don't want to move because they bought their homes at a much lower price and are paying lower interest rates.

Buyers are debating whether to wait another year for lower rates, but realtors warn that could mean the return of bidding wars, and even higher prices.

Many realtors expect mortgage rates to drop later this year, as the FED stops raining interest rates.

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