There are fewer homebuyers shopping, which is a sign of a declining market for houses. surging mortgage ratesThis week, the average rate of 30-year fixed mortgages rose by 5%.

In the past week, the fixed rate mortgage rate rose by 0.2%. This is the highest level since February 2011. according to government-mortgage company Freddie Mac. One year ago, the rate for 30-years was averaged 3.04%The rate of interest is about 2% below the current rate.

The difference of 2% can make it impossible for potential buyers to afford a monthly mortgage. 

For a home worth $408,100 — the median home price in the U.S. — with a 20% down payment, 30-year fixed mortgage and a 5% interest rate, monthly mortgage costsCNBC calculated that it would cost $1,752.62

CNBC calculates that for the same property purchased in 2013, when interest rates were 3.04% and monthly mortgage payments would come out to just $1,383.51. This is nearly $400 per month and $4,400 per year.