The data from April is in and it shows that the housing market is in fact cooling.
According to Fortune, this softening is by design. The Federal Reserve is done watching inflation run away, and has made it a priority to cool down one of its biggest drivers: the housing market. To do so, over the past few months, the Fed has put upward pressure on mortgage rates. In December, the average 30-year fixed mortgage rate sat at 3.11%. As of last week, that rate is up to 5.27%—its highest level since 2009.