[happy]

https://time.com/nextadvisor/mortgages/d...r-21-2022/

Mortgage rates have had a dramatic 2022.

After a few years of rates near record lows – around 3% or lower for a 30-year fixed rate – averages have roughly doubled since January. Inflation is the main reason why, and rates have escalated as the Federal Reserve has ratcheted up its interest rate to tame those high prices.

Higher mortgage rates have cooled off a piping hot housing market. Home prices have started to dip since the start of summer, and are falling faster in some communities. Unfortunately those higher rates also mean monthly payments are likely to be significantly higher.

[sgbuffett]

These rates only affect new buyer.. existing buyers are on old rate.

They killed housing market new buyers will rather rent at this kind of mortgage rates.

[cityhantam]

These rates only affect new buyer.. existing buyers are on old rate.

They killed housing market new buyers will rather rent at this kind of mortgage rates.

That depends on whether existing buyers are on fixed rate or variable rate.