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week more bad news the average rate of a 30-year mortgage reaching 5% for the first time in a decade what can buyers make of that 5% sounds pretty scary. we were expecting rates to rise. they did go a little bit faster, i think, than a lot of people predicted they would. reporter: in february of 2021, the median sales price for a home was roughly $310,000 with a then 3% rate, a monthly payment was about $1,300 one year later, the median price is about $357,000, and now with 5% being the rate, the monthly payment goes up to $1,800 while demand has been growing, inventory of affordable housing has been shrinking, making home buyers fight even more competitive. i just want you to take a look at all of the people who are lined up to see this property

Sales priceFebruary of 2021Property reporterHome buyers