By – Realtor.com
The Federal Reserve just announced some bad news for aspiring homeowners counting their pennies: It’s going to continue to nudge up a key interest rate this year. Yes, after a stop-and-start approach to raising rates over the past couple of years, it looks like we’re settling in for an upward ride—making new buyers’ monthly mortgage payments a bit more expensive and worsening the existing housing crunch.
“If you think it’s been hard so far to find a home that fits your budget and your needs, it’s going to get worse,” says Chief Economist Jonathan Smoke of realtor.com®.
“It’s bad for the market, because that means there will be even fewer homes for sale,” Smoke says.