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Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007.

Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report from Zillow.

Mortgage rates have shot up in early June, averaging 5.78 percent as of last week. A new purchase of a typical U.S. home at that rate would mean monthly mortgage payments of $2,127 – 51 percent higher than a year ago and up 36 percent year to date.