On the 14th of June, the 30-year mortgage rate reached 6.28%, up from 5.55% one week prior.
The housing market has taken a severe turn as interest rates have risen.
According to the National Association of Realtors, home sales have dropped for six months in a row.
The problem was encouraged by last Friday's CPI, a key inflation measure that showed prices growing faster than predicted.
In the first year of the pandemic, mortgage rates hit more than a dozen new lows, thanks to the Federal Reserve's assistance for mortgage-backed securities.
It recently terminated that support and is anticipated to begin liquidating its assets soon.
The monthly mortgage payment for a $400,000 property with a 20% down payment increased from $1,399 in January to $1,976 today.
The Federal Reserve raised its key interest rate by 0.75% point.
Real estate brokers noticed unmistakable indicators of a 'transitioning market,' according to them.
The decision by the Federal Reserve to boost its key interest rate by three-quarters of a percentage point has shaken the mortgage market.