CHARLOTTE, N.C. — Is the housing market finally cooling off?
Let's connect the dots.
So what gives? Simply put, it's more expensive to borrow.
To tackle runaway inflation, the federal reserve is raising the key interest rate which raises the cost of taking out a loan.
Right now the average mortgage comes with about a 5% interest rate, compared to about 3% a year ago.
The higher interest rate will cost you close to $100,000 more total over a 30-year mortgage. So it should come as no surprise that the housing market is slowly cooling off.
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