Why the housing market should brace for double-digit mortgage rates in 2023

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That's more than a 10%-15% correction in property prices from the pandemic's 45% countrywide increase.

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They seldom alter rates this often.

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Mortgages are priced above risk-free Treasury rates to account for default risks.

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Dow Jones Market Data said the 30-year Treasury rate reached 4.213% Thursday, its highest since 2011.

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In its last weekly poll, Freddie Mac reported a 20-year high 30-year mortgage rate of 6.94%.

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On Thursday, CME odds predicted a 4.75%-5% fed-funds rate for February.

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