Comment: A great housing crises is in the making. Actually, it's already here in the early stages. 3.25% to 6.13% in 6 months. Amazingly fast.
So, a 100,000 loan for 30 years
at 3.25% = $435 per month
at 6.13% = $608 per month
So, if you can only afford $435 per month, at the new interest rate of 6.13%, you can now only borrow about $70,000.
Or, a $100,000 home is now only worth $70,000.