How 8% mortgage rates are impacting the Bay Area housing market

The price to buy a home in the Bay Area just keeps climbing and a new milestone when it comes to mortgage rates is also not helping.

Mortgage rates are creating challenges for homebuyers nationwide, but because of the Bay Area's exceptionally high home prices, the 8% rate is creating some agonizing situations for both buyers and sellers.

Redfin also released some staggering numbers:

• The median monthly mortgage payment in both the North Bay and South Bay has now topped $10,000.
• The annual household income needed to afford a median-priced home in the Bay Area is now $400,000.

NBC Bay Area's Scott Budman takes a deeper look into our housing market in the video above.