Prospective home buyers could see negative impact from rise of federal interest rates
Fed Chairman Jerome Powell says as many as six more interest rate hikes could follow this year as the United States tries to fight the highest inflation seen in 40 years.
News 12 Staff
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Mar 17, 2022, 2:40 AM
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Updated 774 days ago
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4ds agoThe federal reserve raised interest rates by a quarter of a point Wednesday, which could have a ripple effect on potential homeowners.
Fed Chairman Jerome Powell says as many as six more interest rate hikes could follow this year as the United States tries to fight the highest inflation seen in 40 years.
"We expect inflation to remain high through the middle of the year, begin to come down, then come down more sharply next year," Powell says.
The interest rate increases could have a negative impact on home buyers.
Gyll Sbrocchi, a mortgage loan officer, says many buyers are struggling to purchase homes because they're too expensive.
"You're going to limit the amount that people can spend," Sbrocchi says.
Experts say future home buyers can try starting with a condo or co-op, which tend to be cheaper than traditional houses.
