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Reply to "Mortgage rates are set to stay elevated"
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[quote=Anonymous]The Fed likes to have a lot of “dry powder” or ammo available to stimulate the economy in case of a steep recession, using 100-basis-point rate reductions if necessary. Not having ammo was a big concern when rates were at their lowest, since they couldn’t realistically go to negative interest rates. Now the Fed is probably thrilled to have put themselves back in position to ride to the rescue in a downturn but will be waiting to see real distress (“don’t shoot until you can see the whites of their eyes”) before marching rates down. So if you’re waiting for lower rates before buying a home, be aware that those lower rates will probably be accompanied by sharply increased layoff risks from an oncoming recession.[/quote]
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