Throughout the nation, the cost of mortgage borrowing has undergone a staggering surge since January 2022, with the average 30-year fixed mortgage rate escalating from a 3-handle to a 7-handle. Nevertheless, despite the even distribution of the mortgage rate shock across the country, the ensuing impact has been far from uniform. The housing market has demonstrated a certain level of bifurcation, with some regions experiencing a year-on-year home price decline comparable to that of 2009, while others continued to boom.
According to the latest reading by the Freddie Mac House Price Index, 77 of the nation's 100 largest housing markets saw prices rise between June 2022 and June 2023 while 23 major markets were down year-over-year.
