The Federal Reserve has raised interest rates for the seventh time this year, and it lifted the benchmark rate by 0.5 percentage points recently, taking the target rate into a range between 4.25% and 4.5%, the highest level in 15 years. Moreover, the Fed expects interest rates to rise to between 5.1% and 5.4% next year.
This surge in borrowing costs has pummeled demand in the housing market, sidelining potential buyers and even leading some sellers to hold off on listing homes. It is also expected to continue to impact the market in the coming times.
