According to a recent articles on usnews.com, Federal Reserve Bank of San Francisco President Mary Daly appeared to signal that the Fed will keep interest rates at their current peak for the foreseeable future. With this news, it is important to understand how this decision impacts real estate. Let’s break down what Daly said and what it means for the real estate market.
What Did Daly Say? At a virtual event hosted by The Economic Club of New York, Mary Daly said that she would “prefer to be patient in making further adjustments [to interest rates] until we know more about where we are going in terms of our economic course.” Additionally, she stated that her “best guess” was that rates would remain near their current peak until 2024.
The Impact on Real Estate What does this mean for those who are considering buying or selling a home? Current rates are still considered low compared to historical averages. Low-interest rates make borrowing money much more affordable, which means that buyers can purchase more expensive homes than they could if interest rates were higher. This is good news since there is currently an extreme shortage of affordable housing in many parts of the US. Additionally, low-interest rates can also encourage sellers to list their homes since they will have access to financing at a lower cost.
Learn more from the complete article here:
Fed Could Hold Rates at Peak into 2024, Daly Signals
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