Mortgage rates have jumped 2 full percentage points since the beginning of the year, from nearly 3.8% to 5.3%, McBride points out, saying the increase should temper skyrocketing housing prices “as more would-be homebuyers are priced out.”from sinking demand, but McBride says the dearth in available homes for sale should help rising rates from weighing on the housing market too much.
One bright spot?"The outlook for savers is getting better," says McBride, pointing out high-yielding savings accounts and certificates of deposit will raise payouts even though most banks"are likely to be stingy about passing along higher rates.
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