Rising mortgage rates are not having an effect on the housing market as home prices are rising despite interest rates approaching 8%. This is because of the shortage of available homes available for sale.
Mortgage interest rates are likely to remain high for quite some time if inflation and strong job growth continue. The forecast for mortgage rates going into 2024 is that they are likely to moderate once the fed start dropping the federal funds rate and would likely have a beneficial effect on the housing market as more seller might be inclined to sell their homes.
