The U.S. housing market got struck by a historic mortgage rate shock in 2022
Year-over-year percentage point shift in mortgage rates
1973
1978
1983
1988
1993
1998
2003
2008
2013
2018
2023
−4.5
−4
−3.5
−3
−2.5
−2
−1.5
−1
−0.5
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
YoY shift
2.88