Despite all of the turmoil caused by the pandemic and its lingering aftermath, the U.S. consumer is in pretty good shape. Incomes are rising, and lenders are reporting that loan delinquencies remain below pre-pandemic levels. That said, as the Federal Reserve has hiked interest rates over the past year in order to combat inflation, many strategists and economists are beginning to worry about a potential recession in 2023. And some are already describing the current state of affairs in real estate as a "housing recession."

If the U.S. economy does go into a recession this year, how will this affect MGIC (NYSE: MTG)?

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Source Fool.com