You Can't Control the Housing Market, but You Can Control What You Do About It
It's hard to find a silver lining in the housing market these days.
Mortgage rates have soared to 23-year highs, topping 8% for 30-year fixed across much of the country. That's led monthly payments to soar, pushing many prospective homebuyers out of the market. Meanwhile, current homeowners, who are paying an average mortgage rate under 4%, are reluctant to sell their homes and take on much higher rates to buy new ones.
As a result, housing inventory for sale is unusually low. This has pressured much of the real estate industry, including real estate brokerages and agents, mortgage originators, and even the broader home improvement and home furnishings industry, as sales of new fixtures and furniture are associated with move-ins.
Source Fool.com
