Rising interest rates could leave demand in the housing market ‘quashed,’ expert warns
Rising inflation rates could leave demand in the housing market ‘quashed’: Jerry Howard
CEO of the National Association of Home Builders Jerry Howard predicts the rising financial conflicts in the housing market as mortgage rates continue to climb on ‘Cavuto: Coast to Coast.’
During an interview on "Cavuto: Coast to Coast," Friday, National Association of Home Builders CEO Jerry Howard discussed the housing market's expected economic pivot following Federal Reserve Chair Jerome Powell's signal for an additional interest rate hike.
JERRY HOWARD: Well, right now, I mean, obviously, 5.5% [mortgage rate] is better than 6%, but we're afraid that it's going to get up over 6%. Don't think it'll reach 7% this year, but we believe that it's going to continue to go up. And so other options for adjustable rates, as you mentioned, are going to have to be put on the table if we're going to continue to have home sales. But right now, there is so much downward pressure on us from the financing end.