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Here’s How Much a New Monthly Mortgage Payment Has Surged in 10 US Metros

When rates go up but prices don’t go down, this is what happens. 

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Housing Market Bending, Not Breaking on Rates: Evercore Analyst

Mortgage rates in the US have soared alongside Federal Reserve rate hikes. According to Bankrate, the average 30-year mortgage now stands above 6.3%, the highest since 2008.

And while there are signs that the market value of homes is weakening, the absolute levels remain extremely high. As such, the cost of a monthly payment has surged.