While this article is targeted for those in the mortgage and housing industries, I felt it is good background for everyone regarding today’s housing market. David Stevens has the ability to explain things with insight in an easily readable fashion. As I read through it I found I agreed and reinforced my thoughts that this is part of the normal cycles.
Article: Dave Stevens on Understanding this Housing Market
The housing market won’t be like this forever. As quickly as rates dropped in March of 2020, as quickly as they rose in 2022, markets shift.
Just as the Fed overreacted with stimulus, they are likely overreacting in their quantitative tightening, meaning mortgage rates are certain to come down, likely later next year.
The chief economist at the MBA forecasts rates in the mid 5% range by end of year next year. Things will get better