A pause in rate hikes. The Federal Reserve announced Wednesday that they would not increase the federal funds target rate for the first time since their January 2022 meeting. "Mortgage rates have likely peaked...but we're not going to see a sudden or sharp decline" says Realtor.com Chief Economist Danielle Hale. However, the Federal Reserve left open the possibility of more rate hikes later in the year — meaning buyers may want to take advantage of the pause now.

Falling home prices. The Federal Reserve has been successful in slowing housing price appreciation. The national median list price just recently dipped year-over-year for the first time since Realtor.com began collecting data in 2017. Moderation in both mortgage rates and prices could bring homeownership within reach for more buyers.

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Excerpt from Realtor.com