Mortgage rates have jumped past 7%, which is bad news for sellers, builders, and first-time buyers, but it hands leverage to anyone with cash and patience.

• The 30-year mortgage is at its highest in 20 months, up more than a point since the Iran war began in late February.
• Government bond yields jumped on oil prices and inflation fears, and home loan rates run about two points above them.
• On a million-dollar home, each extra point adds roughly $1,000 a month — at 7.5% you need to earn close to $11,000 a month before tax just to cover the payment.
• Florida has the most homes for sale of any state, with Orlando overbuilt and jobs that never showed up, and Miami sitting on a year's worth of unsold condos.
• Financial stress forces sales, so buyers who ask sharper questions about why a seller is moving can find real discounts right now.

Outlook: With midterms weeks away and rates still climbing, affordability turns from a talking point into a political problem, and distressed sellers will keep giving patient buyers the upper hand.