How the Fed’s Rate Hikes Affects the Market
The Federal Reserve has recently hiked interest rates, causing many buyers and sellers to worry about the housing market. However, is there really a cause for concern? Today I invited Ken Pitts, a mortgage expert from First Choice Mortgage Advisors, to clear up the confusion about this topic and to explain what really affects mortgage rates.
Feel free to watch the full interview or use these timestamps to browse specific topics at your leisure:
0:00 — Introduction
0:45 — Mortgage rates are determined by supply and demand
1:52 — The Fed has raised interest rates to curb inflation
3:00 — The Fed wants investors to make long-term investments
5:10 — Rate hikes is helping long-term interest rates
6:10 — Seven-year ARM versus fixed-rate mortgages
8:23 — Refinance your rates at the right time
11:43 — Demand for homes will remain higher than supply
12:33 — Demand in the Greater Philadelphia market is still strong enough to outweigh price increases
13:53 — It’s still a good time to buy
15:00 — Wrapping things up
If you need more details about this topic or would like help with any of your real estate concerns, don’t hesitate to call or email me. I’ll be happy to help!