Though high mortgage rates typically lower housing demand and cause a pullback in home prices, some buyers are forced to purchase a new home for reasons like marriage, a new job, or moving to a new city, Reffkin said. Many of those buyers have chosen to hold onto their existing properties and rent them out to tenants.until mortgage rates pull back more significantly, which could encourage more existing homeowners to list their properties for sale.
But that's unlikely to happen anytime soon: mortgage rates are expected to ease to just 6% by the end of the year, according to some estimates, though Reffkin expects
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