This Bargain-Priced Homebuilder Stock Just Raised Its Guidance. Is It a Buy Now?
For those hoping for relief on the mortgage rate front, Fed Chair Jerome Powell had some bad news earlier this week.
Powell, who had said in March that the central bank was still on track for three rate cuts this year, warned that inflation was not coming down as expected. He said that "Recent data have clearly not given us greater confidence" that inflation is coming down, and hinted once again that rates would stay higher for longer unless inflation started falling again.
If you're a prospective homebuyer or even a seller, those comments are likely a disappointment. The housing market continues to be frozen by the rate-lock effect. Homeowners who got a low mortgage during the pandemic's height are reluctant to sell and take on a much higher mortgage rate, and elevated mortgage rates mean that's unlikely to change.
Source Fool.com
