"Mortgage Rates Hit 7%" Fed Hike Freezes Washington Housing Market
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The Federal Reserve just raised its benchmark rate to 3.75–4%, and Washington mortgage rates have already crossed 7%. For real estate professionals in the Pacific Northwest, the psychological damage landed before the ink dried on the FOMC's unanimous 12-0 vote — and Sean Reynolds is here to explain why the Fed funds rate and your mortgage payment are two completely different things.
Sean breaks down why this hike was already baked into the 10-year Treasury well before the announcement, why sellers clinging to pandemic-era pricing are the real drag on the market, and what the NWMLS monthly inventory snapshot is actually telling us. With first-time buyers sidelined and listings going cold, the Washington housing market is showing cracks that no Fed pivot can paper over overnight.
The hard truth: 7% is still historically low. But after rates spent two years near 3%, the market's memory is short and the pain is real. Sean brings his appraiser background to the table — buyer strategies, rate buy-downs, and a clear-eyed look at why the Fed has far less control over your monthly payment than most headlines suggest.
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