Federal data to be released Thursday could show the effects of the Federal Reserve’s latest interest-rate hike.
Many economists predict a recession later this year or in early 2023, especially since rate hikes operate with a lag and may not fully seize on the economy for months. The housing market reacts very closely to any movement in interest rates. But many other parts of the economy do not.won’t have enough time to gauge the impact of rate hikes, Charles Evans, president of the Federal Reserve Bank of Chicago, said, “Well, I am a little nervous about exactly that.
housing market without spurring a crash altogether. Demand for mortgages has dropped as swiftly as rates have risen. Total application volume has fallen six of the past seven weeks, according to the Mortgage Bankers Association. Refinances are off 84 percent from where they were a year ago.
Estimates for the shortfall in the country’s housing supply range widely from 1.5 million to 5 million. But it’s clear that home and rent prices will stay elevated until there are more places for people to live.Rate hikes make closing that supply gap even harder. Phil Crone, executive director of the Dallas Builders Association, said higher interest rates are coming on the heels ofon anything from windows to garage doors.
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