US mortgage rates climbed past 4% for the first time since May 2019
Rates climbed as the Federal Reserve moved to curb soaring inflation. On Wednesday, the central bank announced it would raise interest rates for the first time since 2018. The action marks the end of the Fed's pandemic-era easy-money policy. The federal funds rate now stands at 0.25-0.5%.Rate hikes are here: What does that mean for you?Mortgage rates are not directly tied to the federal funds rate.
That means one of the main drivers of home sales over the past two years -- super low mortgage rates -- is drying up."Record-low mortgage rates helped many first-time buyers stretch their budgets in 2020 and 2021," Ratiu said."Low rates also enabled homeowners to lower their monthly mortgage payments through refinancing. However, the days of sub-3% interest rates are firmly behind us, and we have yet to solve the market fundamentals of supply and demand.
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