The Federal Reserve announced Wednesday that federal funds interest rates will go up three-quarters of a percentage point — the fourth hike in six months. However, data shows this latest hike is still lower than past historic highs. via MicahSmith_TV
DENVER — The Federal Reserve announced Wednesday that federal funds interest rates will go up three-quarters of a percentage point — the fourth hike in six months. However, data shows this latest hike is still lower than past historic highs.Denmon said families still bought homes in the 80s, and there’s hope for buyers today.
“If the interest rates wouldn't have gone up, we would still be experiencing the multiple offers, the bidding wars, no inventory,” Denmon explained. “When the rates were low, at one point I was thinking, ‘How high is a one-bedroom condo going to go up? $800,000? $900,000?' That's where we were going… interest rates are high, but they're not the highest that we've ever seen.”
Today, the median family income is $70,784, and the median home price is $403,556, which is almost six times what an average family earns.
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