As the housing market begins to see less competition and less buying power, a new report says San Antonio mortgage rates have jumped 70% since 2019.

Home values ​​in San Antonio average $339,099, according to a report by online real estate site Zillow, and the monthly mortgage payment for a typical home in the town of Alamo is $1,544, a 78.1% increase from 2019. The housing market went through a boom during the pandemic era of 2020 and 2021 where homes were selling at a blistering pace as inventories struggled to keep up.

Zillow says the fierce competition in the housing market due to the pandemic is also starting to wane. The typical value of a home in the United States is now $354,165, while monthly mortgage payments are more than 75% higher than in June 2019.

“Those who can weather this storm of rising costs have an otherwise less stressful shopping experience compared to the pandemic-fueled housing rush in 2021,” said Jeff Tucker, senior economist at Zillow, in the report. “They have more options to visit, more time to find the right home, and are less likely to face a bidding war.”

Raising the federal interest rate won’t make things any easier, and experts say the rate should rise to combat an impending recession. Holden Lewis, a real estate and mortgage expert at Nerd Wallet, said at the time of the Fed hike that the jump meant a loss of purchasing power.

Lewis said if a homebuyer wanted to borrow $267,200 at the pandemic mortgage rate of 3.3%, they would pay about $1,200 a month for principal and interest. But with mortgage interest rates expected to hit 6%, you can only borrow about $200,100 for the same monthly payment.