have mounted as the Federal Reserve, in response to historic inflation, has raised interest rates from nearly zero to upwards of 4.75% in just over a year. Higher rates increase borrowing costs and encourage saving over spending, which can slow the pace of price increases. Yet they can also sap demand, pull down asset prices, and boost the risk of a recession.
The veteran investor suggested that housing demand could cool for another reason: higher rates mean that taking out a mortgage today is much more expensive than it was two years ago.
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