Home Mortgage rates have fallen for 4 consecutive weeks are and likely to be around 6% or less by the end of the year, possibly in the mid 5% range according to some economists. The rapid rise of interest rates did not choke off housing demand as the supply of available home for sale has dropped for 39 straight weeks!
It is likely there will be strong demand for housing if mortgage rates keep dropping in 2023. Median list prices are still up 4.4% over last year and home prices are likely to be within a couple percent of the current prices.
In this housing market update we will talk about the forecast for 2023 and what is likely to happen in mortgage interest rates and home prices.
