Here’s why US homes were pulled off market at a record pace last month
Markets rallied last week after Fed Chair Jerome Powell signaled that the Fed may increase its key interest rate by just a half-point at its December meeting next week. Rate increases could then fall to a more traditional quarter-point size at its February and March meetings, based on previous Fed forecasts. Powell said the Fed will likely have to keep rates elevated for longer than originally planned, as inflation has eased somewhat but remains way above the central bank’s 2% target.
That’s created a significant affordability hurdle for many would-be homebuyers, spurring this year’s housing market downturn. Sales of previously occupied homes fell for thein October, hitting the slowest pre-pandemic annual sales pace in more than 10 years. The rate for a 15-year mortgage, popular with those refinancing their homes, slipped to 5.67% from 5.76% last week. It was 2.38% one year ago.
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