Fed chair testifies before Senate Banking Committee on inflation

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Mortgage rates last week averaged around 6.95%, and with rising home prices, the housing market remains out of reach for many looking to buy.

Pocketbook issues are at the forefront of the minds of many Americans when paying their monthly bills and looking ahead to Election Day in November.

"Over the past two years, the economy has made considerable progress toward the Federal Reserve's 2% inflation goal, and labor market conditions have cooled while remaining strong," he said."Reflecting these developments, the risks to achieving our employment and inflation goals are coming into better balance. After a lack of progress toward our 2% inflation objective in the early part of this year, the most recent monthly readings have shown modest further progress.

"I mean for buying, it's gonna cause people to have to pay more on their monthly payment and that's painful for a consumer. So you're not gonna get the maximum price, you're not gonna get the maximum value for your property and it makes the time to sell a lot longer," said Mendenhall. Metro areas with the biggest price increases are Anaheim, California, Newark, New Jersey and Nassau County, New York.


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