Housing Groups Urged the Fed to Stop Raising Interest Rates as the Industry Suffers

The move comes as the Federal Reserve has increased interest rate 11 times since March 2022 in an effort to combat inflation.

Federal Reserve Board Chairman Jerome Powell speaks in Washington, on Nov. 2, 2022. Mandel Ngan/AFP via Getty Images

Three top housing groups call on Federal Reserve Chair Jerome Powell to stop increasing interest rates as the industry struggles with “a historic shortage of attainable housing.”

In a letter dated Oct. 9, the Mortgage Bankers Association, the National Association of Realtors, and the National Association of Home Builders expressed “a profound concern” with the central bank that “that ongoing market uncertainty about the Fed’s rate path is contributing to recent interest rate hikes and volatility.”