Those low mortgage rates and the recent mortgage interest rate increases have caused people with low interest rate mortgages to stay put. Who wants to trade in their 2 to 4% rate for 7% or 8%?
Higher interest rates are also making housing more expensive which is contributing to inflation which is why interest rates are being raised.
Rates are likely to go down this year. This is an educated guess but once rates are around 6% people will be more interested in moving again which will increase demand and drive up home prices.
Higher home prices will contribute to measures of inflation which will prompt the Federal Reserve to increase interest rates.
