Fed raises rates … again

For the fourth time, the Federal Reserve has raised its benchmark interest rate by three-quarters of a point but indicated that future hikes might possibly be lower. Noting that hikes take a while to affect the economy and inflation, many analysts expect the next rate increase to be one-half a point.

While the economy continues to grow and hiring remains strong, sales of existing homes have decreased for eight straight months.

Currently, mortgage rates remain above 7 percent, up from 3.14 percent just a year ago.

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