Fall housing outlook for Metro Detroit homebuyers

The Federal Reserve raised its benchmark interest rate by a quarter-point, increasing mortgage rates from around 6% to nearly 7%, driven by rising oil prices and strong job reports. This has made home buying more expensive, with mortgage payments up 2% from last year. In Southeast Michigan, average home prices are rising to about $337,000, while home sales remain stable but showings have slowed due to the rate hike.