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While home prices are responding to higher mortgage rates, there is “little evidence of a housing bubble that is about to burst,” according to a new report from Moody’s Analytics.

The lowest tier of the housing market appreciated by 17.2% in the past year alone, placing an extreme burden on first-time buyers. And as the Federal Reserve continues quantitative tightening and interest rate hikes, mortgage rates have ticked up sharply already in 2022, and are now more than 2.5% higher than the lows to which the American homebuying public had grown accustomed.

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