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BY DOUG PAGE, Staff Writer, National Mortgage Professional Magazine While all indications are that the Fed will raise the Federal Funds rate a half-point today with a possible end result of 6% mortgages soon after the pressure to do so increased, says one economist, when the yield on the 10-year Treasury bond went over 3% this week.
While real estate brokerage firm Redfin reports homebuyers are in a “frenzy” to buy a house due to low interest rates, at least three people in the real estate industry say there are other motivating factors. “Homebuyers are in a frenzy,” Redfin Deputy Chief Economist Taylor Marr said. “Buyers are reacting to changes in mortgage rates but are so far unfazed by the war in Ukraine, stock market volatility and rising oil prices. The silver lining for housing is that the spike in mortgage rates has paused for now.”