another 25 basis points
, its eighth increase in less than a year. That pushed the central bank’s key rate to a range of 4.5% to 4.75%, its highest level in 15 years. Many economists expect at least three more increases before the end of the year, though some have dialed those expectations back due to the Mortgage buyer Freddie Mac reported the average on the benchmark 30-year rate slid back to 6.6% from 6.73% last week.
to the slowest pace in more than a dozen years. January’s sales cratered by nearly 37% from a year earlier, the National Association of Realtors reported last month. For all of 2022, NAR reported last month that existing US home sales fell 17.8% from 2021, the weakest year for home sales since 2014 and the biggest annual decline since the housing crisis began in 2008., on top of already high home prices.
The rate for a 15-year mortgage, popular with those refinancing their homes, also edged back down this week to 5.9% from 5.95% last week. It was 3.39% one year ago.
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