The mortgage rate outlook for the rest of 2023 is looking shaky for potential homeowners, as many economists, analysts and mortgage industry executives anticipate mortgage rates continuing to rise in the next few weeks. Current rate forecasts suggest that mortgage rates may reach 8%, presenting the potential to drastically reduce affordability for prospective homeowners.

It remains uncertain what the effects of a rate rise of this magnitude could cause in the housing market. However, all eyes are already turning to the 2024 forecast – with major corporations and industry experts arguing that rates will have to be well below 8% to support long term market growth and housing affordability. Key considerations include:

– Possible effects of a rising rate on the housing market
– 2024 forecast for mortgage rates
– Need for mortgage rates to remain low to prevent decreasing affordability for potential homeowners
– Debate among industry executives on what the long term market outlook looks like

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