Stephen Nowland, courtesy Federal Reserve Bank of Atlanta
Businesses, consumers and the Fed are moving carefully because of uncertainty, says Raphael Bostic. “When the fog gets thicker, you're going to pull over and wait.”
The average 30-year fixed-rate mortgage shot up to nearly 8% in late 2023. It fell to just above 6% last fall, bounced back above 7% in mid-January, and declined again recently.