The 2022 housing market has been defined by two key things: inflation and rapidly rising mortgage rates. In many ways, it’s put the market into a reset position.
Last January I talked about how we needed to watch the inventory of homes for sale and interest rates. As the Federal Reserve made moves this year to try to lower inflation, mortgage rates more than doubled. At the same time, we saw huge jumps in the number of homes for sale. This was a double whammy for the real estate market and had a cascading impact on buyer activity and ultimately home prices.
What’s Ahead For Mortgage Rates In 2023?
Interest rates shot up to over 7% and as of the end of 2022 have settled back closer to 6%. Moving forward, experts agree it’s still going to be…
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