Washington, DC – December 18, 2024 – The National Housing Conference’s (NHC) President and CEO David M. Dworkin released the following statement in response to the decision of the Federal Reserve Board of Governors Federal Open Markets Committee to lower the Federal Funds Rate.
“Reduction in short-term rates is an important step towards aligning interest rates with the broader economy. However, it is unlikely this is going to have a significant impact on mortgage rates in the near term. Ultimately investors must be more convinced that inflation is on a permanently downward trend before we see long-term rates come down as well. Until then, the cost of housing will remain too high, and unless we build more housing that is affordable to most Americans, it is going to stay that way.”
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About the National Housing Conference (NHC): Founded in 1931, the National Housing Conference is the oldest and broadest housing coalition in America. NHC is a diverse continuum of affordable housing stakeholders who convene and collaborate through dialogue, advocacy, research, and education, to develop equitable solutions that serve our common interest—an America where everyone is able to live in a quality, affordable home in a thriving community. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization. To learn more about NHC, visit www.nhc.org.