“We’ve seen interest rates going up very quickly, faster than they’ve gone up since the 1980s,” economist Daniel Altman said. “The Federal Reserve has been pushing up short-term rates, and mortgage rates have responded as well.”
While the fed does not set the interest rates borrowers pay on their mortgages directly, its actions do influence them. Experts said it’s possible prices could continue to fall for the immediate future, but because there’s still a lot of pent-up demand and supply is still low, consumers likely won’t see major declines anytime soon., applications are at their slowest pace since 1997.
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