Federal Reserve is raising interest rates: Will this impact homebuyers?

DELMARVA- For the first time since 2018, the Federal Reserve is raising interest rates.

That quarter-point hike comes at a time when inflation is at a 40-year high, and the federal reserve hopes the rise in rates will cool things down. But, this move could complicate things for prospective home-buyers, so 47ABC reached out to a local realtor to find out if there are concerns.

“Of course when they raise it, it’s going to raise your monthly payment a little bit,” Pam Price, a local realtor, said. “But, I just don’t think that it’s enough to cause huge concern; if they continue to raise, then it might but until the supply and demand get worked out I really don’t see a big impact at all in our housing market.”

Pam Price also said she still thinks right now is the best time to buy or sell a home.