Mortgage rates have virtually doubled over the past year, largely because the Fed, trying to stimulate a Covid-stricken economy, pumped excessive amounts of money into the economy, causing demand to exceed supplies and prices to escalate. Realizing its error, the Fed has reversed its easy money policy, but which yet has not been seen to ease mortgage rates, sustaining the drag on our real estate market.
Upper West Side Real Estate Market Bulletin, August 2022 Edition – West Side Rag & Latest News Update
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