The Fed Hikes Rates For The First Time In 3 Years

On today’s episode of Hot Sheet, Byron Lazine covered the Federal Reserve’s unanimous 25-basis-point rate hike, its first since 2023, as mortgage rates climbed above 7%.

He also broke down Logan Mohtashami’s Housing Market Tracker for HousingWire, showing elevated mortgage rates, rising inventory, weaker purchase applications, and increased price cuts, along with the National Association of Realtors’ latest report showing pending home sales rose 0.3% in August but remained 4.7% below last year.