Mortgage rates climbed back above 7% last month but we think that trend will soon reverse, with rates falling to 6.5% by year-end. Lower borrowing costs will draw more mortgaged buyers into the market. But supply will remain tight as the fall in mortgage rates we have pencilled in won’t be enough to motivate most locked-in sellers to list their home. That will drive strong buyer competition and a 5% rise in house prices this year.
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