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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 80 July 2023 F I N A L T H O U G H T S "a double whammy" Redfin Deputy Chief Economist Taylor Marr discusses how high mortgage rates are discouraging both homebuyers and sellers, predicting the likelihood that mortgage rates may not drop below 6% before the close of 2023. "borrowers are unwilling" Joel Kan, MBA's VP and Deputy Chief Economist, speaks on the rate at which refi applications remain more than 40% behind last year's pace, as elevated mortgage rates have spurred a surge in borrowers that are unwilling to give up their lower rates. "sitting on the sidelines" Redfin Economics Research Lead Chen Zhao explains how potential homebuyers are waiting for rates to decline before jumping into a market short on inventory. "a sizeable jump" Nick Bailey, RE/MAX President and CEO, details the increase in May home sales, which signaled the start of the peak selling season, and how the lack of inventory throughout the U.S. remains a major obstacle for prospective buyers. "a high-stakes version of the game musical chairs" Zillow Senior Economist Orphe Divounguy discusses the deficit of nearly 4.3 million affordable homes fueling the lingering affordability crisis. FINAL THOUGHTS This month's Final Thoughts quotes examine current market conditions, builder and homebuyer sentiments, and how homeowners locked into low rates continue to fuel the nationwide housing supply shortage.