One measure of US mortgage rates shot past 6% this week, the highest level since the Great Financial Crisis.The housing industry is one of the most interest-rate sensitive parts of the US economy, and mortgage rates responded quickly to the Federal Reserve’s new regime of monetary tightening. The higher rates are already pricing out first-time homebuyers—and cooling down a hot housing market.“Housing has become unaffordable at an unprecedented rate,” said Ali Wolf, chief economist at Zonda. “We’re seeing the earliest signs of home prices reacting.”Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.
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