The Federal Reserve announced this afternoon it will raise interest rates by a quarter of a percentage point and will likely raise rates two more times this year. The following statement is from NAR Chief Economist Lawrence Yun, made after the announcement:

“We are still in the middle innings of rising interest rates; consumers should expect another three or four rounds of interest rate increases over the next 18 months. Mortgage rates will consequently continue to nudge higher. Fortunately, the economy is strong and wages are rising. If housing supply can be increased through more home building, then the negative impact of rising interest rates can be mitigated.”