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Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power.
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Inflation has exceeded the Fed’s 2% target since early 2021 when the U.S. economy overheated as it roared back from COVID-19 lockdowns.
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U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers.
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Fed policymakers “have no tolerance for persistently elevated inflation,” Kevin Warsh said in written remarks.
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Home sales have been mostly hovering close to a 4-million annual pace going back to 2023.
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The Federal Reserve kept its key rate unchanged Wednesday yet half the central bank’s policymakers said they could support a rate hike later this year.
Economics
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Consumer prices rose 4.2% in May from a year earlier, up from 3.8% in April and the third straight increase.
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The average rate remains below 6.85%, where it was a year ago.
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U.S. consumer prices climbed a sharply again last month as the 10-week war with Iran pushed energy prices higher.
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The Federal Reserve is leaving its benchmark interest rate unchanged for the third straight meeting.