Here's the latest market report (based on single family homes):🏡 Mortgage Rates:30-year conventional rate today is 6.72%30-year VA rate today is 6.15%——————————————————————————————————💰 Median Sales Price:Sept: $490,000Oct: $485,000Nov: $484,995——————————————————————————————————📈 New Listings:Sept: 1,910Oct: 1,959Nov: 1,481——————————————————————————————————📅 Median Days on Market Until Sale:Sept: 20Oct: 22Nov: 24——————————————————————————————————📦 Months Supply of Inventory:Sept: 3.3Oct: 3.3Nov: 3.0🤔 What does "Months Supply of Inventory" mean?

Thought about refinancing at the time, but didn't do it before rates exploded.

When it comes to managing your mortgage, most homeowners are familiar with refinancing as a way to lower monthly payments or take advantage of better interest rates.

You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

The interest rate is not special nor is the 20% down (80% LTV).  

White collar professionals, higher education rates.

The interest rate isn't that huge of a difference between the 15 and 30 so worst case scenario if you have the 30 year option is you start paying it down on a 15 year timeline - sure you'll pay a little more in interest over the 15 years, but it will have been worth it if you bought another house.

Here’s the situation:Purchase Price: $540,000Down Payment: 20%Mortgage Rate: 7.125% (30-year fixed)Monthly Expenses (Mortgage, HOA, Taxes, Insurance): $3,706Realistic Max Rent: $3,000As you can see, I’m currently short $706/month even with max rent.

Credit score and loan size can also affect what rate you may find. 

For all methods you would want to find a market that has strong employment rates, strong income rates for the market, and is a growing or an established market.