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Real estate groups urged the Fed to stop rate hikes. Here’s why._我的网站

A |     AI摘要      第十四届福建创新创业大赛总决赛落幕，泉州创历史最佳战绩：闽飞纳芯获初创组一等奖，矽源半导体等四家企业分获成长组二、三等奖，彰显泉州在半导体、新能源等硬科技领域的创新实力。    Major housing industry groups voiced "profound concern" in a letter this week urging the Federal Reserve to stop raising interest rates.The rare public admonishment from top business advocates -- including the National Association of Realtors and the National Association of Home Builders -- underscores a dramatic slowdown in the housing market due in large part to rising interest rates.The letter arrives roughly three weeks before the Fed plans to make its latest rate-hike decision.Mortgage rates have reached their highest level in more than two decades and they have continued to rise. Data released on Thursday showed that mortgage rates increased for the fifth consecutive week, according to Freddie Mac."The speed and magnitude of these [mortgage] rate increases, and resulting dislocation in our industry, is painful and unprecedented," the letter from the housing groups said.Here's what to know about why real estate groups called on the Fed to stop raising rates:

What's happening in the housing market?

Sky-high mortgage rates have dramatically slowed the housing market, since homebuyers have balked at stiff borrowing costs and home sellers have opted to stay on mortgages that lock them into relatively low rates.Mortgage applications have fallen to their lowest level since 1996, the Mortgage Brokers Association said earlier this month.Sales of previously owned homes, meanwhile, have plummeted more than 15% compared to a year ago, the National Association of Realtors found in August.The slowdown has coincided with a sharp rise in costs for potential homebuyers.The average interest rate for a 30-year fixed mortgage has climbed to nearly 7.6%, Freddie Mac data shows.When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%.Each percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage.

What role is the Federal Reserve playing in the housing market slowdown?

An aggressive series of interest rate hikes at the Federal Reserve since last year has pushed up the 10-year Treasury yield, which loosely tracks with long-term mortgage rates.The Fed has fought elevated inflation with borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand.While inflation has fallen significantly from a peak of about 9% last summer, price increases remain more than a percentage point higher than the Fed's inflation target.Price increases held steady in September, fresh data on Thursday showed, suggesting that elevated inflation remains resistant to the interest rate hikes.The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates.Moreover, the Fed expects to raise rates one more time this year, according to projections released last month.Speaking at a press conference in Washington, D.C., last month, Fed Chair Jerome Powell acknowledged the continued effect of interest rates on mortgages, noting that activity in the housing market "remains well below levels of a year ago, largely reflecting higher mortgage rates."

What do the housing industry groups want the Fed to do?

Housing industry advocates want the Fed to take swift actions that reassure investors and other market participants of an end to the policies cooling the industry.Most notably, the industry groups want the central bank to release a statement saying that it has abandoned consideration of additional rate hikes.In their letter to Fed officials, the housing groups cautioned that a further slowdown in real estate could help tip the U.S. economy into a recession, scuttling the central bank's effort to achieve a "soft landing.""We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter said.。         近日，第十五届中国创新创业大赛（福建赛区）暨第十四届福建创新创业大赛总决赛在福州圆满收官。    经过激烈比拼，泉州市参赛企业凭借过硬的技术实力、创新商业模式与强劲发展潜力，将多项重磅奖项收入囊中：福建省闽飞纳芯半导体技术有限公司以全场第一名的好成绩摘得初创组一等奖，智覆纳米科技（泉州）有限公司荣获初创组三等奖；矽源半导体（福建）有限公司拿下成长组二等奖，福建芯通科技有限公司、兆钠新能源科技有限公司荣获成长组三等奖。据介绍，这是泉州在省创新创业大赛中斩获的历史最好成绩。    福建省闽飞纳芯半导体技术有限公司（MNST）成立于2026年，落地福建晋江，专注于中高端显示驱动芯片（DDI）研发及产业化，致力于建设40/28nm DDI及Logic特色工艺平台。矽源半导体（福建）有限公司聚焦高压功率模拟芯片自主研发，深耕新能源储能、电力电气赛道，自主申请二十余项发明专利，构建产学研复合型研发团队，面向储能、充电桩、工业风电、固态变压器领域，实现高压芯片国产替代，已深度服务天正集团、北元电器、福建亿能等四十余家行业客户。（融媒体记者 王树帆 通讯员 林菊花）。

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