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What is the impact of this on the market?

The average mortgage rate in 2021 was 2.96%. If one bought a $500,000 house and put 20% they would have a mortgage of $2,199.

The average rate as of today is 6.33%. If someone buys a $500,000 house with 20% down their payment will be $3,005.

Everybody is speculating a housing crash or the market going crazy and losing lots or value, etc.

What do you believe will be the actual result of the high payment of interest, are house values going to dip significantly or what do you think?

submitted by /u/jgonzalez0503
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source https://www.reddit.com/r/RealEstate/comments/xjx796/what_is_the_impact_of_this_on_the_market/
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