US Housing Market: Cheaper to Buy, but Relief for Mortgage Rates Delayed

Mortgage rates have slightly decreased this week, but still remain high, making it difficult for homebuyers to purchase homes in a supply-starved market. The Federal Reserve's decision to pause its interest rate hiking campaign may give homebuyers a chance to catch their breath, but affordability and inventory remain an issue. Homeowners are also reluctant to sell due to the high mortgage rates in the current market. Despite the slight decrease in rates, many home shoppers still expect to be priced out of the market if home prices and rates continue to climb.