As many American homebuyers are likely aware, home affordability is nearing a record low.

Much of that concerning trend is now being driven by surging mortgage rates, which have hit their highest level since 2009. The average rate on the popular thirty-year fixed mortgage started this year at 3.29 percent and reached a whopping 5.55 percent on Monday, according to Mortgage News Daily.

To make matters worse, there is a strong possibility that mortgage rates could move even higher later this week, as many experts are now bracing for the Federal Reserve’s biggest interest rate hike since 2000.

As reported by CNBC, a new report from Black Knight, a mortgage technology and data provider, has revealed that 95 percent of the 100 largest U.S. housing markets are less affordable than their long-term levels. At the beginning of the COVID pandemic more than two years ago, that figure was sitting at just 6 percent. “If rates were to rise just fifty basis points more or home prices were to increase just 5 percent more, home affordability would be the worst on record,” CNBC writes.

However, even in this cutthroat housing market, Realtor.com noted that if one does a little digging, there are still “bargains” to be found in certain cities. “To be clear: Overall affordability remains a challenge,” the site writes. “Many would-be buyers are being priced out of homeownership as higher mortgage rates mean more expensive monthly housing payments. But when there are fewer buyers competing for homes and bidding them up, prices typically go down.”

George Ratiu, manager of economic research for Realtor.com, noted that “many of the metro areas seeing median list price declines have seen an [influx] of smaller homes come to market, which carry lower price tags.” He added, “At the same time, several of the cities have unemployment rates, which, while still historically low, are above the national level. [This indicates] that buyers may face steeper affordability challenges from rising mortgage rates.”

In order to figure out where prices are heading lower, Realtor.com looked at the year-over-year median list prices in the 100 largest metros. To ensure geographic diversity, the site limited the list to just one metro per state. Here are the results:

Toledo, Ohio

• Median listing price: $115,000

• Median listing price change: -18.7 percent

Rochester, New York

• Median listing price: $149,900

• Median listing price change: -17.0 percent

Detroit, Michigan

• Median listing price: $75,000

• Median listing price change: -15.4 percent

Pittsburgh, Pennsylvania

• Median listing price: $230,000

• Median listing price change: -13.7 percent

Springfield, Massachusetts

• Median listing price: $239,900

• Median listing price change: -5.8 percent

Tulsa, Oklahoma

• Median listing price: $220,000

• Median listing price change: -5.0 percent

Los Angeles, California

• Median listing price: $985,000

• Median listing price change: -5.0 percent

Memphis, Tennessee

• Median listing price: $173,500

• Median listing price change: -4.6 percent

Chicago, Illinois

• Median listing price: $399,000

• Median listing price change: -3.7 percent

Richmond, Virginia

• Median listing price: $310,000

• Median listing price change: -3.4 percent

Ethen Kim Lieser is a Washington state-based Finance and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters