TheMReport — News and strategies for the evolving mortgage marketplace.
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18 | M R EP O RT COVER STORY Navigating Stormy Seas A panel of experts assembled by MReport provides their expert insights and perspectives into what 2023 may bring to the housing market, and whether or not a market correction is on the horizon. By Eric C. Peck A s we close the door on 2022 and begin the next chapter known as "2023," the housing market sits in a state of flux where tentative buyers are at the mercy of record high prices and rates lingering above the 6.5% mark. December began with the 30-year fixed-rate mortgage (FRM) averaging 6.49%, with optimism growing around the hope that the Federal Reserve may slow the pace of its rate hikes. Despite the dip in rates, continued economic uncertainty lingers, hindering first-time buyers from entering the market and finding the home of their dreams. Continued high rates have also stunted the refi market, thus dragging down overall application volumes. As we enter 2023, much speculation regarding housing uncer- tainty remains. MReport has gathered a panel of industry experts