On September 21, 2022, the Federal Open Market Committee continued its work to reduce inflation, approving the third consecutive 75-basis point rate increase since June. Marty Green has been a trusted mortgage industry source for media commentary on the impact of the Fed’s rate increases. His commentary on the September rate hike was featured in several media outlets, including:

CNN: “Mortgage rates rise to nearly 6.3%, the highest level since 2008”

Forbes: “New Mortgages, Student Loans, Credit Cards: Here’s Everything Costing More As Fed Raises Interest Rates”

Mortgage Professional America: “Fed announces rate hike”

Mortgage Professional America: “US mortgage rates soar to fresh record high”

HousingWire: “Mortgage rates might soar even higher”

MReport: “Mortgage App Volume Ends Six-Week Skid”

“The rapid rise in rates is definitely slowing the pace of sales and throwing cold water on what was a frenzied residential real estate market only a few months ago,” Green said. “Where “inventory” was the big concern in 2021 and early 2022, the concern today is “affordability,” with the combination of substantial price increases and rising rates simply pricing more and more Americans out of the market.”