After an increase of 4% since January, Mortgage rates locked under 7% today despite a .02% increase.

The 30-year rates hit 6.94% from 6.92%, which was 7.66% on October 18; the average house price in the USA hit $522,000 now.

During the pandemic-hit 2020, the rate was 2.81%, whereas the average price of a house was nearly $400,000.

So you need to pay 112% more in monthly instalments (~ $2761) from two years ago.

Even a 20% down payment forces borrowers to pay additional $25,000 in this challenging time.

Rocketed rates could break market estimates and touch 8% by the year-end.

The real estate market is getting cool due to surging rates and inflation, and September sales slipped.

15-year fixed rate scaled up 6.23%, Fed's inflation control policy hints at the worst.

Real estate investment in the housing sector dips by 25%; new projects face slow growth due to a downturn of 22% order in September.

60,000 pre-orders were cancelled in September, almost 17%.