On Wednesday the Fed raised its benchmark rate by 3/4 of a percentage for the second time this year to try to slow the economy. Here are some predictions from the National Association of Realtors (NAR): The 30-year fixed-rate mortgage may settle down at 5.5% to 6% for the remainder of the year as home buyers face the double-whammy of rising mortgage rates and record-high home prices. Selling numbers are down 20% since April 2020. Future home sales are dependent on jobs and consumer confidence. The latest forecast is predicting home sales to fall by 13% in 2022 and start to rise in early 2023. What it means: Buyers have more inventory to choose from, and Sellers need to make sure their property looks great and priced correctly. It WILL SELL!
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