Following a sharp rise of over a half a percent (55 basis points) to 5.78 percent two weeks ago, 30-year fixed rates barely budged in the latest reading, up by three basis points to 5.81 percent.

•  Mortgage rates have nearly doubled from the 3.2 percent seen at the beginning of the year and are currently the highest since the 2008 recession.
•  Rates for 15-year fixed-rate loans and adjustable-rate loans stand at 4.92 and 4.41 percent, respectively. The gap between these rates and the 30-year fixed are near historic levels, suggesting jittery borrowers are willing to pay a premium to lock in current rates for a longer period before they rise further.
•  Monthly principal/interest payments for a median-priced existing home with a 20 percent down payment have increased by about $1000 since the beginning of the year.
•  Higher home prices and rising mortgage rates will continue to put downward pressure on housing demand.
•  As the Federal Reserve maintains its policy of raising interest rates to fight inflation, the odds of a recession are increasing.

Monthly principal/interest payments for new buyers of a median-priced home are about $1000 higher than they were when the year began.