Housing Groups, Mortgage Lenders Urge Powell to Halt Fed Hikes
- Homebuilders, realtors and mortgage bankers unite in letter
- Lobby groups say rate volatility hurting housing affordability
Jerome Powell.
Photographer: Ryan Collerd/BloombergThis article is for subscribers only.
Three major housing-industry lobby groups called on Federal Reserve Chair Jerome Powell to refrain from raising interest rates any further and to pledge against selling mortgage bonds unless real estate financing stabilizes.
“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 National Association of Realtors, Mortgage Bankers Association and National Association of Home Builders wrote in a letter to Powell dated Monday.