Mortgage interest rates have jumped again over the past couple weeks. The average rate for a 30-year mortgage is now about 6% — the first time that’s happened since 2008.

This snuffed out much of the demand for homes in Oakland and Berkeley. Fewer new mortgage applications, fewer showings, fewer pending sales.

I watched this happen on the ground in real time.

I have buyer clients who were very excited to make an offer on a home a few weeks ago. They spoke with their lender and we came up with an offer price. After the Labor Day weekend, the day before offers were due, the buyers checked back in with their lender. They were shocked! Rates had jumped significantly. The new rate meant they would have to lower their offer by $75,000 to maintain the same monthly payment.

They had a tough decision to make.

People ask me why rising rates impact buyer demand so much. Aren’t prices coming down, too? Isn’t that a boon for buyers?

Well, perhaps over time. But the reality of this moment is that rates have gone up faster than prices have come down. Homes are still historically expensive.

There are psychological aspects to rising interest rates. Seller’s often still aren’t willing to reduce prices to match the impact of rising interest rates. They still cling to the vanished reality of last year’s market. And for buyers, seeing your buying power diminish in real time can simply be demoralizing.

For buyers who decide to stay in the market, there are things you can do to reduce the uncertainty of the mortgage rate roller coaster. Check in with your lender frequently. Make sure your agent is keeping up on interest rates. And work with an agent who is going to help you find a home that brings you lasting value, not one who focuses solely on getting you into a deal and moving on.