It is not only gas prices that are rising. Although the war in Ukraine briefly lowered interest rates, other factors are pushing the rates higher.
In January of last year, mortgage experts had predicted that rates would continue to rise from the all-time low of 2.93 percent. They plunged in 2020, but this year, almost everyone worldwide is expecting the rates to increase on mortgages.
Since March 2020, the pandemic's start, the median price of homes sold by Realtors has increased by 29 percent, from $280,700 to $362,800. The price has remained steady at $350,000 since then.
Lawrence Yun, the National Association of Realtors' chief economist, predicts a temporary drop in home sales after a spectacular year for housing in 2021 and 2020. The association forecasts that home prices will appreciate by 2.8 % in 2022, compared to 14.7% in 2021.