Reported about 1 month ago
Jerome Powell's Federal Reserve rate hikes have significantly disrupted the property market, especially affecting luxury buyers. A report from Knight Frank points out that uncertainty from rate volatility has left many homeowners reluctant to sell their properties, as they hold onto lower mortgage rates from previous years. This trend has resulted in the lowest market turnover in three decades, with luxury transactions also declining sharply. Overall, many Americans feel stuck in their homes due to high current mortgage rates.
Source: YAHOO