Home sales continue to slide as Fed jacks up interest rate

"The rising mortgage rate has clearly hampered the housing market," said NAR chief economist Lawrence Yun.raised its target rate by 0.75 percentage point

— the fifth hike this year. But the latest increase in the Federal Funds rate is unlikely to affect mortgage rates in the near-term because current borrowing costs already had"priced in" the Fed's three-quarters of a point move, Redfin chief economist Daryl Fairweather told CBS MoneyWatch. Still, economists expect home sales to continue falling for the rest of this year, while noting that prices remain higher than they were a year ago.

Higher home prices and interest rates have pushed mortgage payments on a typical home from $897 to $1,643 a month, an 83% increase over the past three years, according to Zillow. "Now that the market is cooling, there is less competition per home, more time to make these critical decisions and more negotiating power in the hands of buyers than at any point in the last few years," said Nicole Bachaud, senior economist at Zillow."Sellers, on the other hand, are having to reset their expectations."

6%? even the hookers and call girls in vegas are keeping their rates below 3% for 5 minutes and under, and 6% or more if they have to listen to you talk finance life

Like the creaking sound you hear before a tree decides to tumble over. Scary.

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