Many prospective buyers have been pushed out of the market as average mortgage rates have more than doubled this year.
in an effort to constrain the economy and tame inflation, its fifth increase this year and third consecutive 0.75 percentage point increase.So far, there is little evidence the Fed’s strategy is working.
The Fed’s aggressive action has tripped up a housing sector that — outside of the onset of the pandemic — has been hot for years. Existing as the rising cost to borrow money puts homes out of reach for more people.
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