Are rising interest rates a good thing for the red-hot US housing market?

As predicted mortgage rates are rising sharply hitting their highest point in more than a decade with the average US interest rate for a 30-year fixed-rate mortgage topping 5%, up from under 3% just a year ago.

Housing industry experts argue it’s a good thing for the red-hot US housing market. After nearly two years of an exceptionally expensive, exceptionally fast-moving market, analysts say higher mortgage rates are just what’s needed to cool things down. These higher rates are expected to slow demand and temper home prices.