Today’s housing market splits into four distinct types. You’ve got cash buyers, buyers financing a purchase, owners who feel locked into a low rate, and builders with homes to sell.
Fed Raises Overnight Lending Rate
Dated: July 27 2022
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For the second time in about a month, the Federal Reserve has raised interest rates by .75%. This is the fourth increase in the last five months and has been done in an effort to stave off inflation in a move to stabilize the economy.
The current overnight lending rate (the rate banks charge each other to borrow) which effectively drives all other interest rates, now sits between 2.25% and 2.5%, which is the highest since Q4 of 2018.
This is the first time the Fed has ever raised interest rates by 75 basis points consecutively. As many of us are feeling the pinch of inflation and shrinkflation, these moves by the Fed will continue to have an impact on all of us.
Ryan Sedgwick
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