😱Powell Is Rising Rates. What does that mean to us? Las Vegas Market 🏡Stats.

The decline in housing affordability is due to high mortgage rates, persistently high home prices and low inventory levels.  The fed funds rate impacts how much commercial banks charge each other for short-term loans. A higher rate means more expensive borrowing costs, which can reduce demand among banks and other financial institutions to borrow money. Interest rate hikes are meant to reduce inflation but they also slow economic growth.

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