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Chair Powell On Housing Market & Mortgage Rates


Last Q is on the housing market and mortgage rates

  • A: Rates were low at the start of the pandemic and now they're coming back up to more normal levels. Demand changed from wanting to live in urban areas to living in the suburbs, so we saw prices move up very strongly. We're aware mortgage rates have moved up a lot. We're watching to see what will happen in the housing market. How much will it affect residential investment? Not sure. Housing prices? Not sure. Prices may keep going up even while rates are up. If you're a home buyer, you need a bit of a reset. Need to get back to the place where supply and demand are back together and where inflation and mortgage rates are low again.*
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