The 30yr fixed mortgage rate just passed 5% for the 1st time since '11. Thus, w/ the avg. home price at $511K today, vs. $408K last yr, & the 30yr fixed mortage rate at 5.02% today vs. 3.32% a yr ago, the avg. cost of a mortage is $2,138/month now vs. $1,129a yr ago (+101%). WOW! pic.twitter.com/pbBfsvaQiS

— Gordon Johnson (@GordonJohnson19) April 5, 2022

With so many cash sales, it remains to be seen what effect this will actually have on the market. I don’t have a solid prediction here that I’d trust. Market is too chaotic and too many factors at play.