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  1. Home

US Mortgage Rates Rise to Highest Level Since 2006

  • #Finance
  • #Housing
  • #Prices
story
OCT 2022
Image copyright: File Photo [via Reuters]
story last updated OCT 2022

The Spin

Narrative A

Increasing rates is a painful but necessary measure to cool the housing market and ensure that prices align with rents and other market fundamentals. There was a significant imbalance between supply and demand, and housing prices were going up unsustainably fast, which is why the Fed has been right to step in until they're brought down to normal.

MSN

Narrative B

Contrary to the hopes of the Fed, high mortgage rates may become the new normal that home buyers and homeowners will have to adapt to and accept over time. It’s unlikely that a housing recession will destabilize the economy — as it did in 2008 — but people will have to pay more out of their income.

Market Watch

Articles on this story

Mortgage Rates Are Closing In On 7%, Signaling Risk Of House Price Declines
ForbesJUL 2022
Today's mortgage and refinance rates: October 3, 2022 | Rates up, but home prices are cooling
Business InsiderJUL 2022
Why Interest Rates Are Rising Everywhere—Except Your Savings Account
Wall Street JournalJUL 2022
US home prices drop at fastest pace since Great Recession
New York PostJUL 2022