MReport November 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Fed Rate Ripple Effects In this month's Final Thoughts, we take a look at the Federal Reserve's Federal Open Market Committee's most recent 75-point rate hike on November 2 and how highly placed industry executives and insiders handled the news at the conclusion of the Fed's two-day meeting. "no doubt" Bright MLS Chief Economist Dr. Lisa Sturtevant on the fact that mortgage rates will continue to rise in 2023 until inflation is back at its target 2% rate. "excess inflation" Michele Raneri, VP of U.S. Research and Consulting at TransUnion, identifies the main cause of rising rates. "restore price stability" Federal Reserve Chairman Jerome Powell said after the two-day meeting on the duty of the board members to moderate prices without the central bank tipping the economy into recession. "market is slowing" First American Deputy Chief Economist Odeta Kushi on the effect that rate hikes have on the housing market. "will continue to slow" Ruben Gonzalez, Chief Economist for Keller Williams, on the topic of the housing market slowing as prices rise due to the rate-sensitive mortgage market.

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