Mortgage Rates Expected to Level Off in 2023 as More Homes Hit Market
• Falling mortgage rates often lead to more homebuyer demand, pushing prices up. But more housing inventory could offset demand spikes.
• Mortgage rates may not drop much further than 6% next year, after hitting 7% recently.
• More homes may come on the market next year, increasing housing supply after this year's crunch.
• Fewer buyers are currently in the market as they wait for lower rates. Less competition awaits them.
• It's hard to predict where rates or prices will go as the Fed cuts rates without a recession looming.