(NewsNation) — A homebuyer’s monthly housing payment hit a record high of $2,807 during the last four weeks ending March 23, according to a study by Redfin.

The 5.3% increase is a result of the average cost of home prices going up roughly 3% annually and mortgage rates sitting at 6.6%.

“Buyers are cautious because they’re worried about the economy and potential layoffs, and they’re wondering if mortgage rates will come down later this year. But because other buyers are cautious too, some house hunters are getting homes for under asking price,” said Kimberly Freutel, a Redfin Premier agent in Sammamish, Washington. 

The realtor suggested potential buyers stay within their comfort zone when making a purchase offer.

“If you love a home and you see yourself living there for at least four or five years, make an offer you’re comfortable with, even if it’s a little below list,” said Freutel. “Don’t assume it will escalate out of your price range, because the seller might actually take it. I’m asking my clients, ‘Would you be sad if this home ends up selling for less than asking price to someone else?’”