Buying a home amid economic woes

(KYMA, KECY/CNN) - The federal reserve took immediate action this week after it raised interest rates for the 4th time in 5 months.

Second time this year in an attempt to battle inflation.

That means it's now more expensive to borrow money, and that complicates things for people looking to buy a home.

As interest rates climb, experts predict a slow down in housing demand.

This week, members of the US central bank approved yet another interest rate hike of three quarters of a percentage point.

That likely means higher interest rates for mortgages - which have seen some of the sharpest increase in decades

According to Joe Bruselas, the chief economist for RMS US LLP "the housing market is taking it on the chin right now, even in the big metro's like LA, San Francisco, New York where you might get jumbo loans, you move from 2.5 to almost 5%. So, it's naturally going to slow down demand for homes just because homes have gotten that much more expensive.”

That could lead to a cooling of the housing market.