Sky-high mortgage rates have helped slam the brakes on the housing market, recent data shows. Mortgage rates climbed to their highest levels in 21 years, Freddie Mac data showed last week.... The party is over."" Buyers are on the fence and struggling with a lack of inventory and higher mortgage rates," Freedman added.... If borrowing costs turn lower, it could flood the market with buyers and sellers." Cutting interest rates would immediately bring down mortgage rates," Yun said....

It was$ 349, 940 for the Chicago metro area and$ 291, 946 statewide in June.... If a homebuyer makes a 20% down payment, the monthly mortgage payment goes down to$ 1, 581, a roughly 13% increase from a year ago in June and a 0.3% increase from last month, according to Zillow.... The data is based on Zillow’s Home Value Index for Chicago, which has June’s assumed purchase price at$ 305, 698....