Entering 2023, the U.S. housing market found its footing across many regions, achieving a semblance of stability after weathering a mild price correction in the second half of 2022. A combination of factors, including mortgage rates slipping below the 6.5% mark, a shortage of available homes for sale, and the seasonal uptick in demand during the early spring months, contributed to this newfound equilibrium.
However, just as the housing market braces itself for the traditionally subdued fall and winter period, real estate professionals are closely watching the reemergence of a familiar threat: 7% mortgage rates.
