Look out everybody, the hike in interest rates is expected to happen today. The Federal Reserve just approved the biggest interest rate increase since 1994 and suggested rates would continue to rise as an effort to slow the economy. A 0.75 percentage-point raise was agreed upon, meaning unfortunate things for potential buyers.
With interest rates increased, homes become more expensive for buyers, in turn can lower the demand for the housing market. This lowered demand also hurts sellers. These high interest rates are especially worse for first-time home buyers as it makes it much more difficult. Unfortunately with high interest rates, home buyers tend to face affordability issues when it comes to the housing market!
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