Inflation here? gas/grocery prices just continue to climb

Zaphod said

Anyone have any idea what the new fed interest rates will do to mortgage rates? I finally got into a position where I could think about buying a home just in time for rates to increase. I’m just wondering how bad it’ll be and if it’ll derail my plans. Supposedly the new rates will help housing prices come down but they’d already started declining in my area earlier this year and I doubt they can fall much further than they are now. Feels like I’m probably going to get screwed.

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Really it will take a month or so to see exactly what happens. Prices are cooling a bit, but who knows if interest rates bring them down as there’s a lot of money floating around right now.

What needs to happen is the cost of construction materials to go down, and also some reform of the ability to have some entities buy up huge numbers of houses as an investment leaving them vacant. There are 3 on my street alone which just sit here as people bought them and are sitting on them in hopes of flipping at the right time. It’s also blowing up the rental market but that’s a different topic.