Housing economists are urging the Federal Reserve to hold back on raising rates, worried that elevated borrowing costs—that have gone up since the central bank began its hiking cycle in March 2022—have pushed mortgage rates too high and made homes unaffordable for many Americans.Sales of homes dropped 2 percent in September to a little under 4 million, the lowest such level for more than a decade.
They suggested that further rate increases could add to broader risks to economic growth, heightening the likelihood and magnitude of a recession.They urged the Fed to make clear that it won't 'contemplate further rate hikes.'Mortgage rates for the popular 30-year fixed-rate loan hit 8 percent this week, the highest it's been since the turn of the century. Analysts point out that elevated rates will continue to put pressure on home sales.
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