Prospective homebuyers are eyeing 30 fixed mortgage rates.
Looking at the data, I'm not sure what is more surprising - how historically low the rates were in recent years or how quickly they have shot up on a percent basis in recent months.
Regardless, lower interest rates in recent years definitely allowed buyers to afford more "house" from a monthly mortgage payment perspective.
Despite all the bad news during 2020-2022, there was a red hot real estate market (especially for single family homes). This market seems to have slowed down recently - only time will tell where the market is headed.