Are dwelling prices about to plummet? Within six months, mortgage rates are doubling in percentages. In January, mortgage rates had been 3 p.c and now or no longer it’s higher than 6 p.c. The sizzling housing market is cooling off, with prices coming down from 5 to 10 p.c in some areas. It be also estimated that 25 p.c of properties on the market comprise crop their prices.