In June, Federal Reserve chair Jerome Powell announced plans to “reset” the housing market. Since then, the Fed has been aggressively raising interest rates in order to bring mortgage rates back down to a more manageable 3%. For the week ending Oct. 20, the average 30-year fixed mortgage rate edged up even further. So, what does this mean for home buyers and sellers?

For home buyers, this means that now is not the time to purchase a home. Interest rates are only going to continue to rise, making it more difficult to afford a home. If you have been waiting to purchase a home, it might be best to wait a little longer until interest rates level out.

For home sellers, this is good news. More people are likely to enter the market as buyers feel they need to act before interest rates become too high. This means that there will be more competition for your home, which could lead to a bidding war and a higher selling price.

The bottom line is that if you're thinking of buying a home, now is not the time. Interest rates are on the rise and are only going to continue to increase. However, if you're thinking of selling your home, now might be a good time to put your house on the market. There is likely to be more competition from buyers who feel they need to act before interest rates become too high.

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