The Rise in Mortgage Rates Is Crushing Demand for Homes

The sharp rise in mortgage rates is crushing demand for homes. Sales are cooling, bidding wars are easing and markets are essentially gumming up. In Britain, the average five-year fixed rate loan now exceeds 6% for the first time in about a dozen years. And I think also in Ireland, under the new lending rules, it means that couples will end up paying even more of their income on repayments if interest rates continue to go up.