"One of the things we hear is that maybe because so many Americans refinanced their mortgages when mortgage rates dropped during the pandemic ... people are not feeling the bite of higher mortgage rates yet,” Neel Kashkari, president of the Federal Reserve's Minneapolis branch, said last week. “If that’s true, and I think there’s some truth to that, then it may take longer” for the Fed’s rate hikes “to be fully felt by the housing market and by the economy more broadly.”
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