September 24, 2022 / 9:20 AM.

The average 30-year fixed mortgage interest rates have spiked from 3.3% to 6.7% over the past nine months thanks to the Federal Reserve board hikes.

"How much further mortgage interest rates might go up is awfully hard to know, but I think we could still see some other interest rates, auto rates, credit card interest rates, moving up, and that'll make it more difficult for people to buy new cars or to buy more expensive cars," said Wilcox.

The White House also points to gas prices, which have fallen significantly over the past few months, and one part of the economiy that remains strong: the job market.

First published on September 24, 2022 / 9:20 AM