Sentence Correction (SC) | Re: A higher interest rate is only one of the factors, albeit an

Lets look at this sentence in this way

A higher interest rate is only one of the factors,albeit an important one , that(subject) keeps(verb) the housing market from spiraling out of control, as it did earlier in the decade.

so now we need to ask the question what does 'that' refer to?

'That' will only refer to its nearest noun, which in this case will be factors.
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