The federal reserve seems to want a recession. It is clear that they managed to slow the rampaging economy down and inflation is still around but not out of control like it was. So why is the Fed hitting the brakes again? The short answer is: who the hell knows?
Home buyers should talk to their loan officers and see if this latest round of rate hikes is going to impact any mortgages in process. If you are locked you are good to go, but if not this could pose a problem. Talk to your loan pro and find out.
The real estate market seems busy if you're a buyer but honestly sales are way down. These rates have created the problem I have discussed ad nauseam on this site. Fewer buyers and even fewer sellers. Meanwhile in out local market some 2000 agents are competing for half as many sales. We should see a large exodus of under performing agents over the next couple of months.
Meanwhile buyers should take a deep breath and start throwing offers out there because they could be priced out of the market if rates rise too much higher. Sellers are likely going to double down on staying put with their super low mortgages they took out a few years ago in the threes and some in the twos. For agents it's time to buckle up buttercup, we are in for a tight ride to close out 2023.
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