The Federal Reserve‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%.

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes further rate cuts.

“We’ve always been in the camp that we believe Fed Chair Jerome Powell when he says higher for longer,” Duncan said in an interview with HousingWire this week. 

With the majority of Fed details ⇒

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