Mortgage interest rates hit 5% for the first time in a decade. That’s great news.
After falling to historic lows last year, mortgage rates are rising sharply. On April 5, they hit their highest point in more than a decade with the average US interest rate for a 30-year fixed-rate mortgage topping 5%, up from under 3% just a year ago.
Housing industry experts argue it’s a good thing for the red-hot US housing market. After nearly two years of an exceptionally expensive, exceptionally fast-moving market, analysts say higher mortgage rates are just what’s needed to cool things down. These higher rates are expected to slow demand and temper home...