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Mortgage rates have doubled since the beginning of the year to nearly 6%, taking a toll on affordability and demand. The monthly payment on a $400,000 home rises more than $550 with rates going from 3% to 6%. That increase, along with the slumping stock market and recession fears, have already pushed many buyers out of the market and cooled the housing market from its red-hot pandemic peak.  

What will happen if the Fed raises interest rates again? Are home and/or rental prices going to decline? Should prospective sellers put their plans on hold? See the answers to those questions and other insights from Redfin’s economists below.