The Fed's Interest Rate Pause and Its Impact on Housing and Finance.

The Federal Reserve has paused interest rate hikes, but this may not offer much relief to Americans facing higher borrowing costs. While interest rates remain unchanged for now, policymakers have left the door open for additional rate increases this year, which could lead to steeper mortgage rates. The majority of Fed officials expect rates to rise to 5.6% by the end of 2023, suggesting at least two more quarter-point increases this year. Higher mortgage rates can cost borrowers hundreds more each month and potentially add as much as $75,000 over the lifetime of a 30-year loan.