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

A |     新闻网讯（张超、赵江涛）扎片、落片、压制、抛丸、喷涂……走进省唐山市滦南县宋道口镇钢锹工业区仁和五金工具有限责任公司的生产车间，各条生产线高速运转、工序衔接有序，一派火热的生产景象。“目前，国内订单直接发往各地经销商，国外订单发往非洲、东南亚、欧洲、南美等地，我们现在生产运转平稳，整体产销形势稳中向好。    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.。”负责人韩山山说。

唐山市仁和五金工具有限责任公司的生产车间里工人们正有条不紊的赶制订单。张超 摄全国最大钢锹生产出口基地宋道口镇，被誉为“中国钢锹之乡”。目前，多家钢锹、五金制造企业正加紧生产赶制订单。园区集聚钢锹及配套企业220余家，其中拥有规上出口骨干企业26家。全年钢锹、园林五金工具出口产品销往140 多个国家和地区。据了解，今年前5个月累计产值22个亿，同比增加10%，其中出口占比约60%，外贸拉动作用持续凸显。近年来，滦南县深入践行“工业强县、产业兴县”发展战略，立足县域产业基础和资源禀赋，精准施策培育特色优势产业。通过科学规划产业园区、拓展发展空间、落实惠企政策等一系列举措，持续推动产业集聚发展、抱团升级，精心打造了宋道口钢锹产业园、黄坨现代轻工、长凝纺纱等一批竞争力强的区域特色产业集群。

唐山市仁和五金工具有限责任公司的生产车间里工人们正有条不紊的赶制订单。张超 摄在做强特色产业的同时，滦南县坚持改造提升传统产业、培育壮大新兴产业双向发力，引导钢锹等传统制造企业加大技术研发、设备更新、产品创新力度，推动产业从传统代工制造向高端定制、智能智造、品牌创造转型。当地企业主动顺应市场需求变化，紧抓海外细分市场机遇，持续优化产品结构、提升产品附加值和核心竞争力，不断擦亮滦南五金制造出海名片，为县域经济高质量发展注入了持久动能。

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