Summer 2023 Housing Market Forecast: Mortgage Rates and Trends.

The recent FOMC statement does not directly affect mortgage rates, but inflation will have a bigger impact on them. High mortgage rates mean that existing homeowners will continue to hold onto properties, resulting in low inventory. However, there are positive signs in the housing market, with builder confidence up and an increase in housing starts. Potential buyers should not try to time the mortgage rates and should feel confident in their decision to purchase a home they can afford. Sellers should work with an agent, price their home correctly, and embrace technology to improve online curb appeal.