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Real estate groups urged the Fed to stop rate hikes. Here’s why._我的网站

A |     在浙江省温州市文成县，33037962号福彩站并不显眼，门面朴素，甚至容易被人匆匆错过。

B |     Major housing industry groups voiced "profound concern" in a letter this week urging the Federal Reserve to stop raising interest rates.The rare public admonishment from top business advocates -- including the National Association of Realtors and the National Association of Home Builders -- underscores a dramatic slowdown in the housing market due in large part to rising interest rates.The letter arrives roughly three weeks before the Fed plans to make its latest rate-hike decision.Mortgage rates have reached their highest level in more than two decades and they have continued to rise. Data released on Thursday showed that mortgage rates increased for the fifth consecutive week, according to Freddie Mac."The speed and magnitude of these [mortgage] rate increases, and resulting dislocation in our industry, is painful and unprecedented," the letter from the housing groups said.Here's what to know about why real estate groups called on the Fed to stop raising rates:

What's happening in the housing market?

Sky-high mortgage rates have dramatically slowed the housing market, since homebuyers have balked at stiff borrowing costs and home sellers have opted to stay on mortgages that lock them into relatively low rates.Mortgage applications have fallen to their lowest level since 1996, the Mortgage Brokers Association said earlier this month.Sales of previously owned homes, meanwhile, have plummeted more than 15% compared to a year ago, the National Association of Realtors found in August.The slowdown has coincided with a sharp rise in costs for potential homebuyers.The average interest rate for a 30-year fixed mortgage has climbed to nearly 7.6%, Freddie Mac data shows.When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%.Each percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage.

What role is the Federal Reserve playing in the housing market slowdown?

An aggressive series of interest rate hikes at the Federal Reserve since last year has pushed up the 10-year Treasury yield, which loosely tracks with long-term mortgage rates.The Fed has fought elevated inflation with borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand.While inflation has fallen significantly from a peak of about 9% last summer, price increases remain more than a percentage point higher than the Fed's inflation target.Price increases held steady in September, fresh data on Thursday showed, suggesting that elevated inflation remains resistant to the interest rate hikes.The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates.Moreover, the Fed expects to raise rates one more time this year, according to projections released last month.Speaking at a press conference in Washington, D.C., last month, Fed Chair Jerome Powell acknowledged the continued effect of interest rates on mortgages, noting that activity in the housing market "remains well below levels of a year ago, largely reflecting higher mortgage rates."

What do the housing industry groups want the Fed to do?

Housing industry advocates want the Fed to take swift actions that reassure investors and other market participants of an end to the policies cooling the industry.Most notably, the industry groups want the central bank to release a statement saying that it has abandoned consideration of additional rate hikes.In their letter to Fed officials, the housing groups cautioned that a further slowdown in real estate could help tip the U.S. economy into a recession, scuttling the central bank's effort to achieve a "soft landing.""We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter said.。四年前，负责人王君君的想法很简单：“边带孩子边找点事做。”一句轻描淡写的话，道出了她投身福彩事业的初衷。

C | 如今，福彩站已成了周边居民、户外劳动者乃至过往游客口中那个“可以进去坐坐”的温暖去处。从“带娃宝妈”到福彩站长2021年，在家带孩子的王君君经朋友介绍，萌生了开一家福彩站的想法。“在家里闲着也是闲着，这样能多一份收入贴补家用。

D | ”她坦言，彼时对福利彩票的了解仅限于“好像跟公益有关”这样模糊的印象。就这样，一间小小的福彩站悄悄开了张。“刚开始生意不怎么好。

E | ”但她没有就此消沉，而是慢慢摸索经营之道：不搞花哨的促销，不做铺张的广告，一门心思扑在“服务”二字上。“生意主要靠做服务，客人之间口口相传，慢慢就好起来了。”她笑着补充道，朋友圈的日常宣传也成了她默默积累客源的小窗口。四年光阴流转，王君君说，这间小店带给她最大的财富不仅是一份收入，更是一群处成了朋友的老顾客。将心比心的真诚，也让她和购彩者越走越近。福彩站里也曾迎来“中彩”喜事：中出一注双色球二等奖，奖金37万元，这份实实在在的喜悦让整个小店沸腾了好一阵子。接二连三的好运，诚信可靠的服务，让这间藏在街角的福彩站在当地购彩圈里渐渐攒下了不小的名气。“欢迎进来坐坐”网点发展固然重要，但王君君心里始终有一根弦绷得紧紧的：理性购彩。“有些买得多的都是长期购彩者，我都会叫他们少买一点。”一边是开门做生意，一边是主动劝客人少买，这种看似“矛盾”的举动，恰恰是福彩人最朴素、最可贵的责任感。申请“爱心驿站”后，温州福彩中心提供了不少物资，她又添置了茶叶、咖啡、休闲座椅，把小小的店面打理得格外温馨。“矿泉水长期都有，购彩者过来我会泡茶，需要咖啡之类的饮品我也都备着，店里布置得比较休闲。”她说，希望每一个推门进来的人，都能感到放松和自在。

F | 附近学校多，家长接孩子时会顺道进来坐坐，游客路过也常进来歇脚充电。王君君说，不管买不买彩票，她都一样欢迎。有一次，隔壁店主看不下去，私下劝她：“那些进来光坐着不买彩票的，你就拒绝算了。”王君君却说：“我们福彩是做公益的，进来就算不买彩票，过来坐一下，也是很欢迎的。”这份温情，从店里延伸到了店外。

G | 作为文成爱心驿站小分队的一员，村里组织的公益活动她从不缺席，夏天帮忙烧伏茶，台风天去安置点帮忙打扫。“力所能及的事情，反正能做一点是一点。”在王君君看来，一间福彩站的意义，不只在于卖出了多少张彩票，更在于它能为这座城市留住多少温情。

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