Fed rate hike adds pressure to Denver homebuyers

The Federal Reserve’s quarter-point rate hike is adding to affordability challenges in the Denver metro housing market, where buyers already face high home prices and rising living costs. Higher borrowing costs can add thousands of dollars to the long-term cost of a home.

Realtors said buyers are becoming more patient and selective, with condos, townhomes and other attached properties lagging while detached homes continue to move faster. Some prospective buyers may wait, while sellers may keep their homes longer if they can.

Read the full story at CBS News.