From Newsweek · · 50s
Fed Rate Hike Hits Home Sellers
Fed rate hike makes home sales harder for millions.
In brief
Fed rate hike makes home sales harder for millions. Higher mortgage rates could force sellers to hold homes longer as buyers face prolonged affordability challenges. Originally reported by Newsweek.
Fed raises rates
Federal Reserve increased benchmark interest rate to 3.75-4.00 percent.
Mortgage rates climb
30-year fixed mortgage averages 6.76 percent.
Rate hike expected
Fed likely raises rates once more before year ends.
Sellers struggle
Sellers find it harder to sell homes at asking prices.
Trump demands cuts
Trump says rates should be 1 percent or less.
“Interest Rates in the United States should be 1 percent, or less, because we are the Best Credit in the World, BY FAR”
Fed chair defies Trump
Kevin Warsh supports rate hike despite Trump.
Inflation too high
Inflation has been above target for 5 years.
Housing market shifts
Buyers see opportunities in current market conditions.
In short
Higher mortgage rates could force sellers to hold homes longer as buyers face prolonged affordability challenges.
