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Why should the housing market brace for double-digit mortgage rates in 2023?

Why should the housing market brace for double-digit mortgage rates in 2023?

Even if Federal Reserve Chairman Jerome Powell and his colleagues stopped raising interest rates soon, the 30-year fixed mortgage rate would still climb to 10%, according to Christopher Whalen, chairman of Whalen Global Advisors. That’s because the sharp pace of the Fed’s rate hikes in 2022 is taking some time to trickle back into mortgage …

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