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Cycle Watch | November 2022: Higher rates hold down growth

November 10, 2022
By Mark Hackett
By Ben Ayers
Man reviews the market report at desk.

With inflation still above 8%, the Federal Reserve raised its benchmark interest rate another 75 basis points in November – its sixth consecutive hike this year. That’s pushed the average 30-year mortgage rate to 7% for the first time in two decades. The housing market is feeling the burden of the Fed’s efforts to fight inflation. With another interest rate announcement expected in December, the housing market will likely face more difficulty in the months ahead.

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