According to The Fed, housing rates have steadily risen to a 20-year high. Now as we know, The Fed doesn’t directly dictate mortgage rates, but they do have complete control over the Fed Funds Rate which by itself has increasingly essential effects.
If you’ve turned your computer or phone on you know that everyone’s talking about the “state of the economy”, and everyone has their eyes on the real estate market. While the economy can be extremely volatile, The Fed only makes changes on a scheduled basis, around 8 times per year.
This is a detailed analysis of The Fed rate shifting from December 2022 and June 2023:
With such a volatile market, it’s no surprise that within the last couple of months (September/October 2022) the average job count is continuing to drop. It has yet to offset the post covid weakness and market hit. It is interesting to see that the unemployment rate is back to the lowest levels since the 1960s after bumping just a bit higher last month.