Is the Federal Reserve losing control as mortgage rates hover in the high sevens? 👀 This concern has been voiced by the President of the Chicago Federal Reserve, Austan Goolsbee. The Fed's declared restrictive policies contrast with rising long-term borrowing rates, leaving many puzzled. 🧩

The solution, as suggested by Logan Mohtashami from Housing Wire, is straightforward: the Fed should stop discussing rate hikes in this environment. 🙊 Jobless claims data has improved, but the Fed remains steadfast in maintaining a restrictive policy.

The hawkish tone after meetings has contributed to the prolonged high mortgage rates. Buyers should not anticipate mortgage rates falling below 7%. 📉

In summary, the Fed might regain control by refraining from discussing rate hikes and providing some relief to the economy, allowing time to assess policy impacts on housing and the overall economy. ❌

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