The 30-year mortgage rate was 2.65% in January 2021, while the average new home price in the US was $401,700.
Goldman Sachs warns the US housing market will soon slow sharply amid mortgage cost volatility.
The average rate on a 30-year fixed mortgage is 6.04%, while the average rate on a 15-year fixed mortgage is 5.26%.
The average 20-year fixed-rate mortgage currently sits at 6.02%.
With a 20% down payment, the monthly payment would rise from $1,294 to $2,67, a 106% increase.
A $300,000 loan is now $837.50 a month more expensive.
Mortgage rates have risen by 2.66% in the last six months, the highest six-month increase since 1981.
According to Forbes, a 30-year fixed mortgage with a 6.04% interest rate would cost $60 monthly in principal and interest per $100,000.
Mortgage demand is at its lowest level since 2001, while new development is down 14.4% in May.
It was 6.28% a week ago, on June 14th, and 8.9% in 1970, the system has been making housing affordability the worst since 2007.