Why the housing market should brace for double-digit mortgage rates in 2023

Why the housing market should brace for double-digit mortgage rates in 2023

Even if Federal Reserve Chairman Jerome Powell and his cohorts soon stopped raising policy rates, the 30-year fixed mortgage rate would still climb to 10%, according to Christopher Whalen, president of Whalen Global Advisors. Indeed, the breakneck pace of Fed rate hikes in 2022 is slow to seep into mortgage rates, especially since the fed …

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