I was explaining this to my father the other day. He’s considering moving and I did a little math for him on what the payment would be if he buys something at the same price point. Mortgage would go up over 50%.
It’s honestly astonishing the markets been flat with the increased rates. People shouldn’t, but they buy as much as they can possibly afford/can qualify for more often than not. With current rates the most people can afford is much more often becoming nothing.