The Hike Is Working
By Ja'Net Adams
A few weeks ago I took an unpopular position and said that the federal reserve raising interest rates was a good idea and could help in certain areas. Those areas are already seeing a positive turn and could continue to see positive movement over the next few months. I want to share the positive changes a couple of areas are seeing.
The housing market is probably seeing the fastest change from the raising interest rates. As soon as mortgage rates started to rise then the hot housing market started to cool off. With demand for mortgages decreasing there are more homes sitting on the market. When more homes hit the market that means that sellers have to make some choices in order for their homes to sell. Over the past few weeks we have seen sellers reducing the selling price by tens of thousands of dollars. Some have reduced by a couple of hundred thousand. Buyers are starting to see a light at the end of the tunnel where home prices become more reasonable.
Whenever interest rates go higher, saving accounts always benefit. It did not take long for saving accounts to follow the lead of the Federal Reserve. High Yield Savings Accounts have risen to 1.15 and 1.20%. That is real money depending on how much you have saved in the account. This is the time to shop around for the best savings account and make sure you are getting a great return on your money. The good news is that the federal reserve plans to keep raising rates through the end of the year which means you could see those saving account rates go higher.
Indirect Good News:
The Federal Reserve raising interest rates had an interesting side effect. The threat of a future recession has pushed the price of oil down over the last couple of weeks. This has resulted in lower gas prices for consumers. A few weeks ago we were at $4.69 and the other day I seen $4.17. As long as the federal reserve continues to raise rates and make the markets worry about a recession the gas prices could continue to go down. An extra tip that could help that along is making sure we as consumers continue to drive when only necessary so that demand stays down.
Right now the federal reserve raising interest rates are helping cool down the economy and only time will tell the full effect it will have.
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