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Reply to "I genuinely don't understand these rate hikes"
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[quote=Anonymous]Simple answer? It’s necessary to tame inflation. The gov gave out too much “free” money during COVID, and so now has to increase borrowing costs significantly in order to calm things down. And it’s not over — there like will be three more big rate hikes this year alone. The result? Housing is going to crash big time. New mortgages are already at a 20+ year low, and no one is going to give up their 2% rate to buy a new home at 7% or more. But for those with cash, next year will be a great time to buy![/quote]
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