Economist: ‘Particular concern’ for first-time homeowners amid rising mortgage rates

“We’re in a situation with very significant inflationary pressures … We’ve seen a massive jump of two percentage points over the last three months since the Fed made that announcement,” Matthew Gardner, Windermere’s chief economist, told KIRO Newsradio.

The million-dollar question is to what extent the Federal Reserve will manipulate interest rates in the coming months. Gardner could see the Fed going either way, with the caveat that home prices will mostly stay on an upward trend. Complicating Seattle’s real estate market is the fact that luxury home building is a more attractive market for developers: there is not enough of a return on development targeted toward first-time buyers.

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