Mortgage rates dip as recession fears rattle housing market: Freddie Mac

“Purchase demand continues to tumble,” according to Freddie Mac chief economist Sam Khater.

Mortgage rates declined this week, continuing a volatile streak as the market digests the onset of an economic recession that will have implications for the US housing sector.from Freddie Mac

“Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk and declining consumer confidence take a toll on homebuyers,” said Sam Khater, chief economist at Freddie Mac. Mortgage rates have surged since January as the Federal Reserve implements a series of interest rate hikes to combat decades-high inflation. The Fed continued its effort on Wednesday with its second straight hike of three-quarters of a percentage point.Fed Chair Jerome Powell referenced signs of a cooling US housing market after the Fed unveiled its latest larger-than-normal interest rate hike.

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