What’s the impact of interest rate hike on local real estate market?
Published: Jul. 29, 2022 at 6:03 PM EDT
BURLINGTON, Vt. (WCAX) - The Federal Reserve on Wednesday again raised interest rates, this time a hefty three-quarters of a point in hopes of slowing inflation.
The move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018. So what will this mean for the housing market in our region? Vermont still has a shortage of properties for sale, which drives up costs for consumers. Is more inventory the solution to getting more people into the game or will these rate hikes keep even more people from affording a new home?
Darren Perron spoke with Mike Hickey, the president of the Vermont Association of Realtors.
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