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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. 

Bloomberg business news
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.