By Alisa Wolfson | MarketWatch
Many aspiring homebuyers are watching as home prices begin to fall and wondering: What do I need to know about the housing market now? (See the lowest mortgage rates you may qualify for here.) So we asked Robert Dietz these questions. Since joining the National Association of Home Builders (NAHB) in 2005, Dietz has served as both chief economist and senior vice president for economics and housing policy for the association, where he conducts housing market analysis, economic forecasting, industry surveys and housing policy research. Here are this thoughts on the housing market now.
Mortgage rates will keep climbing.
Dietz says the housing market is likely to experience continued increases in interest rates in the immediate future as the Federal Reserve tightens monetary policy. “We should expect the Fed to hold these tighter conditions for much of 2023 as inflation moderates. Then, in 2024, housing demand for both new and existing home sales will recover, with home building expanding to help reduce the existing housing deficit,” says Dietz. (See the lowest mortgage rates you may qualify for here.)
