Mortgage interest rates hit 5% for the first time in a decade. That’s great news.

Posted on AllSides April 6th, 2022
From The Center
REUTERS/JESSICA RINALDI (UNITED STATES BUSINESS)
ANALYSIS

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...

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