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According to CoreLogic’s latest CoreLogic Home Price Index and Forecast for March 2022, U.S. home prices continued to post significant year-over-year gains in March 2022, up by 20.9%, another record high.

Even with the past year’s streak of double-digit price increases, annual gains are projected to slow to around 6% by next March, due in part to rising mortgage rates and higher home prices hampering affordability for some home shoppers.

Buyers who closed on a property in March had a good chance of locking in mortgage rates around 4% or slightly lower. By late April, rates had moved up to more than 5%, a jump of about 30% from the same time last year and a trend that might derail more prospective buyers.