Mortgage rates could fall to 4.5% in 2023, according to Fannie Mae's most recent housing forecast, but that doesn't mean buyers will benefit from holding off on home purchases
Some popular housing markets are poised to see long-awaited price drops as the Fed forces sellers to realign their expectations to accommodate budget-conscious buyers
Fewer buyers can afford to purchase homes with inflated price tags and elevated borrowing costs, but those who can are keeping competition tight in the for-sale market
It could take some time for single-digit price reductions to make a substantial dent in overall housing affordability, especially after years of record price appreciation
Over the past several years, the housing market has been described as volatile, overheated, and brutal, but most recently, experts are using a more optimistic buzzword: balanced