Joe Smith was reviewing his mortgage statement & pondering putting his house on the market.

His monthly payments were $$2191\mathrm{.}66,$ out of which $$666\mathrm{.}88$ were for taxes and insurance. The

loan has $344$ payments remaining and carries an annual interest rate of $2\mathrm{.}75\%.$ Recently, Zillow

showed an estimated value for the property to $$650,000.$ Unfortunately, interest rates recently

jumped up to $6\mathrm{.}50\%.$ Joe is considering putting the house on the market for $$650,000$ & is

curious the potential impact of the rise in interest rates on the affordability of the property as well

as the potential impact on the value of his house due to the increase in rates. What can you tell

Joe?