The Fed has been making comments that seems they could continue to raise rates. This really makes no sense. Data indicates they have overtightened. It’s very helpful to see economists expressing this sound analysis. #federalreserve #banking #mortgages #realestate #realtors #nar #rates #housingaffordabilty #cnbc
Great conversation with one of my favorites on CNBC https://lnkd.in/g6xJvYzB
I'll be talking about this at Move the Needle, 4th edition. It's going to affect all of our plans as realtors and even if not, it's better to recession-proof our business at all times, right? The event is always fun and we set our goals for the next Q. Sign-up is free if you'd like to join us: https://app.acuityscheduling.com/schedule.php?owner=25109991&appointmentType=40739670
Remind me when the interest rates drop down to 3% or less. Cuz 7% or more is beyond ridiculous even for people with good credit. But she's right. There's no reason why the Fed continues to raise rates to this high of a level when what they're doing is harming the American people.
We'll see how it goes. Goal is to tackle inflation and since high rate did not collapse S&P or overall economy, higher rates could stay up longer than predicted.
Driving with eyes 👀 focused in the rear view mirror could produce unexpected results …
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1yThe recent surge in mortgage rates is undeniably presenting obstacles for aspiring homebuyers in their pursuit of the American dream. With the average rate for a 30-year mortgage reaching 7.16%, a level not seen since 2001 according to data from the Mortgage Bankers Association, the landscape is indeed shifting. This upward trend in mortgage rates has led to a noticeable decline in mortgage applications, specifically in the realm of home loan refinancing, which has experienced a consecutive 1.9% decrease. The effects of these higher borrowing costs extend beyond application numbers, influencing homeowners' decisions. Those with lower mortgage rates might think twice about listing their homes, inadvertently contributing to a tighter housing supply, and subsequently, an increase in property prices. Given these developments, it becomes increasingly vital to explore effective strategies to counter the impact of escalating mortgage rates. Moreover, engaging in thoughtful discussions about potential policy adjustments and support mechanisms is crucial to ensure that the aspiration of homeownership remains accessible and achievable for everyone.