Back in June 2022, Fed Chair Jerome Powell told reporters that spiked mortgage rates would "reset" the "overheated" pandemic housing market.
"I'd say if you are a homebuyer, somebody or a young person looking to buy a home, you need a bit of a reset," Powell told reporters last summer. "We need to get back to a place where supply and demand are back together and where inflation is down low again, and mortgage rates are low again."
