Rising Mortgage Rates Won’t Be Enough to End U.S. Housing Boom
- Pent-up demand is driving bidding wars amid dearth of homes
- Borrowing costs may keep first-time homebuyers on sidelines
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Rising mortgage rates are already pricing out first-time homebuyers, but it’s not enough to extinguish the U.S. real estate frenzy.
U.S. mortgage rates crossed 4% this week for the first time in nearly three years, a rapid ascent that has taken some industry experts by surprise.