If you think that the rise in mortgage rates is just a blip, you better take another look at what this does for housing affordability. Bankrate.com showed that the 30-year fixed mortgage rate hit the highest point in almost two years at 4.61%. Even the 15-year fixed mortgage soared to 3.73%. Just last week we showed raw numbers about how this affects the average home price, and we showed what that meant to monthly payments.

Anyone who tells you higher interest rates did not keep housing down in the 1970s and 1980s truly thinks you are stupid. That is why we have included the average housing prices from 1963 to 2010 from the Census today as well.

The 30-year fixed mortgage rates for jumbos hit a 14-month high of 4.75%, and five-year adjustable rate mortgages (ARMs) hit 3.45 %, the highest rate in over two years.

Bankrate gave a mortgage comparison here with the rate of 3.52% from back on May 1, 2013: a $200,000 loan would have carried a monthly payment of $900.32, but with rates now at 4.61% the monthly payment for the same size loan would be $1,026.48 for a difference of $126 per month. Be advised that is $1,512 per year and that is less than the average home price.

Now take our example at the $300,000 house price, assuming 20% down for a $240,000 mortgage. These are the current rates and recent past rates, to show just how much these have risen and how it impacts affordability. We went ahead and showed what happens if rates really keep rising from here.

• $240,000 at 3.50% is $1,077.71 per month
• $240,000 at 3.75% is $1,111.48 per month
• $240,000 at 4.00% is $1,145.80 per month
• $240,000 at 4.25% is $1,180.66 per month
• $240,000 at 4.50% is $1,216.04 per month
• $240,000 at 4.625% is $1,233.93 per month
• $240,000 at 4.75% is $1,251.95 per month
• $240,000 at 4.875% is $1,270.10 per month
• $240,000 at 5.00% is $1,288.37 per month
• $240,000 at 5.50% is $1,362.69 per month
• $240,000 at 6.00% is $1,438.92 per month
• $240,000 at 6.50% is $1,516.96 per month

Now take a look at the historical average housing price from the Census Bureau from 1963 to 2010:

• 1963 $19,300
• 1964 $20,500
• 1965 $21,500
• 1966 $23,300
• 1967 $24,600
• 1968 $26,600
• 1969 $27,900
• 1970 $26,600
• 1971 $28,300
• 1972 $30,500
• 1973 $35,500
• 1974 $38,900
• 1975 $42,600
• 1976 $48,000
• 1977 $54,200
• 1978 $62,500
• 1979 $71,800
• 1980 $76,400
• 1981 $83,000
• 1982 $83,900
• 1983 $89,800
• 1984 $97,600
• 1985 $100,800
• 1986 $111,900
• 1987 $127,200
• 1988 $138,300
• 1989 $148,800
• 1990 $149,800
• 1991 $147,200
• 1992 $144,100
• 1993 $147,700
• 1994 $154,500
• 1995 $158,700
• 1996 $166,400
• 1997 $176,200
• 1998 $181,900
• 1999 $195,600
• 2000 $207,000
• 2001 $213,200
• 2002 $228,700
• 2003 $246,300
• 2004 $274,500
• 2005 $297,000
• 2006 $305,900
• 2007 $313,600
• 2008 $292,600
• 2009 $270,900
• 2010 $272,900

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