November 16, 2024 11:48 am
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Rising mortgage rates to test housing market’s strength

housing market

housing marketHomes in pricier cities could be out of reach of more buyers

By Laura Kusisto | The Wall Street Journal

The housing market could be in for a bumpy ride as mortgage rates climb.

Home buyers and sellers heading into the busy summer season have been eyeing mortgage rates wondering how long the good times can last.

The national housing market has been gaining strength in recent years as prices rose rapidly in many areas. In the first quarter, 51 metro areas posted double-digit percentage price gains, according to the National Association of Realtors. But economists say that momentum may not outlast higher rates, depending a lot on location.

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