In March the Federal Reserve approved a .25% interest rate hike, the first hike since 2018. As a result of actions by the Federal Reserve, mortgage rates are spiking. The average rate on a 30-year fixed-rate mortgage is 4.72%.
The increase in mortgage interest rates is causing some buyers to game plan for future home purchases.
“I have some, some pretty active buyers at the moment that are already anticipating, they’re trying to be more conservative about their budget,” San Diego Realtor Allan Uy said. As a result of the interest rate hikes, some economists are lowering their home sales forecasts for 2022. The Federal Reserve signaled that they will be raising the interest rate at each of the remaining meetings for the year.
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