Residents wonder what Fed rate hike means for Long Island housing
Many residents wonder how the Federal Reserve?s latest interest rate hike will affect the Long Island housing market.
Long Beach realtor Daniel Ryan says while short-term interest rates have gone up, long-term rates on mortgages have not. However, analysts say if the Federal Reserve continues to raise short-term interest rates, long-term rates will go up and that is when some buyers and sellers may run into trouble.
Realtors in the area say the best advice for new homebuyers is not to purchase more of a house than can be afforded. In addition, local commercial banks have boosted their prime lending rates to 6.5 percent.