The rate on 30-year fixed-rate mortgages jumped to 6.92% on Thursday, the highest rate in 20 years.
It rose from 6.66% a week ago, which was slightly less than the 6.7% it was before that.
Just a year ago, rates were around 3% and the housing market was booming as people clamored to buy homes at such low rates.
Now that the rates have risen so dramatically, the market has taken an inevitable downturn as people can't qualify for or afford the huge increases in payments that come with higher interest rates.
New home building is also slowing down as materials prices increase along with rates.
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