Texas Border Business
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COLLEGE STATION, Texas – (Texas Real Estate Research Center) – Higher mortgage interest rates are the potential byproduct of today’s announcement by the Federal Reserve that it’s raising the federal funds rate, which previously hovered near 0 percent, by a quarter point (i.e., 0.25 basis points).
“This is the first of what economists say could be as many as seven increases in 2022,” said Dr. Clare Losey, assistant research economist with the Texas Real Estate Research Center (TRERC) at Texas A&M University. “Such increases diminish purchase affordability, making it even harder for lower-income and first-time buyers to purchase a home.
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