By Jeff Ostrowski
From Bankrate.com
The fate of the housing boom is on the minds of both homeowners and homebuyers these days. Will record home values lead to a crash reminiscent of the one that made the Great Recession so painful? Or will prices simply take a breather from their torrid pace of appreciation?
No one knows—not even the world’s most powerful central banker. During the news conference following last week’s meeting of the Federal Reserve Open Markets Committee, Fed Chairman Jerome Powell on June 16 acknowledged a sharp rise in mortgage rates. They’ve gone from 3 percent in August 2021 to 6 percent now, according to Bankrate’s national survey of lenders….