Quote: Apr. 27, 2023

“Homebuyer affordability remained constrained in March as elevated mortgage rates and low inventory kept prices high, leading many prospective homebuyers to delay decisions to enter the market…While many prospective buyers currently remain on the sidelines, MBA expects mortgage rates to decline slowly as the year progresses, which will help with affordability and may spur sales activity.”
–Edward Seiler, MBA Associate Vice President for Housing Economics, and Executive Director of the MBA Research Institute for Housing America.