Barbara Corcoran: Will Houses Be More Affordable in the Future?

December 26, 2023 | Categories: Home, Personal Finance, Profiles

Will Houses Be More Affordable in the Future?

If you’re thinking about buying a home right now, the current interest rates may have given you pause. ​​The average rate on a 30-year fixed mortgage is 7.22% as of Nov. 30. That’s up more than a percentage point from this time last year.

Real estate mogul and “Shark Tank” star Barbara Corcoran recently shared her thoughts on the current housing market with “Good Morning America.”

Why Rates Are High

So many consumers have been wondering why mortgage rates are the highest they’ve been in over two decades.

“It’s the only tool the federal government has for controlling inflation and getting hold of our economy,” Corcoran said on the GMA segment. “They’ve wanted to slow it down and it’s worked,” she said. A year ago the inflation rate was 9%. Now the U.S. consumer price index is 3.2%, which is still above the Fed’s 2% target.

Mortgage rates will come down, Corcoran predicted but the Fed is going to hold firm on the federal funds rate until inflation gets to where it has targeted. Read the full article at GOBankingRates.com

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