Housing Groups Urge Fed to Pause Rate Hikes Amid Market Volatility

The Mortgage Bankers Association, National Association of Realtors, and National Association of Home Builders urged the Fed to pause rate hikes due to housing market volatility.

Higher rates have reduced affordability, led to fewer transactions, and caused layoffs in the mortgage industry.

Homebuilder confidence has declined for 2 straight months as rates topped 7%.

The groups say further hikes could endanger the economy since housing is nearly 16% of GDP.

They urged the Fed to signal no more hikes and hold mortgage-backed securities to reduce volatility.