It’s well known that mortgage interest rates have been on the climb this year, but the speed of this increase has not occurred since the 1980’s, according to an article written by Jeff Ostrowski for BankRate.com In the article he states…
“In an effort to rein in raging inflation, the Federal Reserve boosted interest rates in March 2022, and again early May. It raised them even more in June, by three-quarters of a percentage point — which was, at the time, the largest Fed rate hike since 1994. An additional three-quarter-point hike was announced in July. And now the Fed has raised rates again, announcing yet another three-quarter-point hike on September 21. The last time it raised rates by as much at multiple meetings in a year was in the 1980s.”
Here is a link to his article:
What the Fed’s September rate hike means for homebuyers and sellers
An article written by Matthew Graham on MortgageNewsDaily.com provides details of the 20 year high interest rates and their impact on the real estate market.
Read that article here:
Another Day, Another 20 Year High In Rates
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