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Will high interest rates cause a housing crash?
The Story
The Effects of Interest Rates on the Economy
There is a possibility that they're overdoing it, says Andrew Hammond. The most marked effect for people who are paying a mortgage is that their monthly payments go up. That has a knock-on effect on the whole economy because say people stop spending so much money and suddenly demand falls. It's like throwing a wet blanket over people who are spending," he adds.
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