The odds of a fourth consecutive 75-bps rate hike in November 2022 are pretty high. Moreover, mortgage rates have hit record highs this year. High mortgage rates have adversely affected buyers and sellers in the housing and real estate industry. U.S. existing home sales fell for an eighth consecutive month in September.
“Given the ongoing tension between potential homebuyers and home-sellers at the moment, we believe the pace of sales is likely to slow even further,” Doug Duncan, Fannie Mae’s senior vice president and chief economist, said earlier this month.
