Interest-Rate Surge Starts to Ripple Through Economy, From Homes to Car Loans

The market is finally getting the message that the era of cheap money is ending.

Just look at mortgage rates. At the beginning of 2022, the average interest rate on a 30-year mortgage hovered above 3%. Today it stands at 4.72%, according to Freddie Mac . That translates into sharply higher borrowing costs for Americans looking to buy a home—and it is only the beginning.

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