More at: https://eraoflight.com/2022/10/27/mortgage-demand-collapses-rents-slowing-as-stagflation-begins/

Mortgage demand is nearly half of what it was a year ago and rent increases are slowing down as consumers hit their breaking point.

Mortgage interest rates are well above 7%, after starting the year at a little over 3% – and landlords are also noticing a cool down in the rental market.

To put it in perspective, a $400k house bought at a 3.25% interest rate earlier this year would have a mortgage payment of around $1750, but the same house would cost nearly $2800 a month now with a 7.5% interest rate, an increase of over $1000.

“High interest rates are also weighing on home prices,” CNBC reported.
“While prices are still higher than they were a year ago, the gains are now slowing at a record pace.”