Housing Market
Buyers and sellers’ sentiments remained virtually unchanged in August 2023 as housing market participants waited for more signals on what the Fed’s next move will be.
With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated. As costs of borrowing continue to rise consumers might be tapped out. It’s possible that the economy will show signs of slowing later this year, and if that happens, the Central Bank will have no choice but to cut rates starting the first quarter of 2024. Mortgage rates might begin declining in the fourth quarter of this year and possibly improve next year.
The decline is expected, and if that occurs, will most likely be gradual.
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