High mortgages rates will weigh on the housing market for years

The U.S. housing market faces a long recovery from the steep increase in mortgage rates over the past year, which brought an "abrupt end" to the real estate boom in the economy. 

That is according to a new forecast from Moody's Analytics, which projected that property values in the U.S. face a 2.4% decline next year as mortgage rates continue to weigh on the real-estate market. 

"While maturing millennial households drive housing demand, the doubling of U.S. mortgage rates is causing notable retreats in certain markets, mainly in western states,"...