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How will Fed rate hike affect housing?

The Federal Reserve’s increase in its benchmark short-term interest rate and future rate increases in the next few years will affect the U.S. economy in several ways. But if the increases are gradual, the affect on the U.S. housing market will not be large. Rates will increase on mortgages, but the Fed has emphasized that they will move gradually and in small increments, according to a report in USA Today.