Housing Market Trends: Mortgage Rates and the Housing Landscape

Home prices will remain high in 2023 due to supply chain issues, a decrease in permits for future home building projects and continued increases in interest and mortgage rates.

According to Forbes, estimates as of early October, 2022 put the average rate on a 30-year mortgage at 7.06%. While it’s reasonable to expect rates to shoot up even higher, just how much higher remains to be seen.

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