lets talk about current Mortgage rates today from last year alone. As of Jan 2022 average rates were at about 3% until near the end of 2022. Now 4/2023 rates are at about 7% (DOUBLED) however they have come down slightly even in being in a slight recession. My point here is with housing pricing still relatively up and rates still relatively up, something has to give.
Sooner or later home prices will decline, but not like what you may think, mortgage companies will offer incentives as well, but we could be stuck here for a couple years, only time will tell about pricing and rates.
The following is a quick Freddie mac article and graph, accordingly stating average rates are 6.3 at this time.
After Weeks of Decline, Mortgage Rates Increase
April 20, 2023
For the first time in over a month, mortgage rates moved up due to shifting market expectations. Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.
Current Mortgage Rates Data Since 1971xlsx