What the Fed's interest rate hike means for the housing market: 'That is good news for mortgage rates'

The Federal Reserve’s move to hike interest rates signals good news for the housing sector, some experts say.

The central bank hiked its benchmark interest rate on Wednesday by a quarter percentage point. It also signaled that “just a couple more” hikes are likely in the Fed’s battle against high inflation. The industry group is expecting mortgage rates to drop, ending the year closer to 5%, rather than the 6%-range that’s presently being quoted. Last year, the 30-year was averaging at 3.45%

As long as housing prices continue cratering, all is well. 𝗢𝗹𝗱𝘀𝗺𝗮𝗿, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟵% 𝗬𝗢𝗬 𝗔𝘀 𝗧𝗮𝗺𝗽𝗮 𝗔𝗿𝗲𝗮 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝘀 𝗦𝗼𝗮𝗿 𝗔𝘀 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗗𝗲𝗺𝗮𝗻𝗱 𝗣𝗹𝘂𝗺𝗺𝗲𝘁𝘀 𝗧𝗼 𝟮𝟳 𝗬𝗲𝗮𝗿 𝗟𝗼𝘄

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