CNN BUSINESS | Higher mortgage rates still aren’t cooling the hot housing market

New York (CNN Business)Mortgage rates have been steadily rising this year, but that doesn’t seem to be slowing demand for housing — yet.

According to Freddie Mac, the average rate on a 30-year mortgage is now 3.05%, up from the all-time low of 2.67% at the end of 2020. Rising long-term bond yields could lead to even higher mortgage rates in the not-so-distant future.

So the question is whether the housing market — which remained surprisingly resilient as consumers fled cities for more space in the suburbs during the early days of the coronavirus outbreak — will continue to hold up well if mortgage rates keep climbing.  —read more—