But after 10 rate hikes, the housing market — traditionally one of the most interest-rate-sensitive areas of the economy — is anything but predictable. “It’s creating a lot of confusion,” said Orphe Divounguy, a senior economist at Zillow. Mortgage rates have likely peaked — but home prices keep increasing The Fed has raised its benchmark interest rate by five percentage points since last March to help lower inflation, which was at a 40-year high.
But without fully knowing the full effect that more hikes could have on the economy, the Fed may inadvertently invite a recession, he said. “Long-term interest rates are anticipating not just the Fed’s next move, but the potential path for rates over the next decade,” said Len Kiefer, deputy chief economist at Freddie Mac. “Mortgage rates may respond to the next Fed rate move, but it could seem counterfactual.
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