The interest rate on home loans is based on the bank's benchmark interest rate for the same period, and the interest rate on loans from different banks has increased slightly.
U.S. President Biden nominated Powell for re-election as Fed Chairman earlier this week, and another candidate, Brainard, was appointed as Fed Vice Chairman. This news boosted market expectations for the Fed to raise interest rates next year, and by then, the Fed will also end its bond purchase program.
