Mortgage rates have bumped up quite a bit and the average mortgage rate as of writing this update is 5%.  Mortgage applications and refinance applications have slowed down as a result.  Inventory in the luxury market remains unchanged from last month but the median price is down a bit along with the days on market.  As interest rates remain higher than a few months ago and even increase further compared to today's rate more buyers will pause their goal of buying a home or start to shop for homes priced at a lower point.

• Mortgage Rates Breach 5% - With 4% in the rear view mirror 5% just starting how housing buyers will react remains to be seen.
• Highest Mortgage Rates In Over 6 Years - With higher mortgage rates this article predicts a recession coming soon as well.