What's the Latest on the Housing Market?

The big story in the housing market right now is mortgage rates, which rose for the third straight week to hit 6.5%. After a year that saw a record housing boom into all-time highs in home equity, things have ground to a halt. The realities that people just don't want to sell their homes because they're probably locked into a mortgage rate that they'd never be able to get if they had to purchase a new house. That means inventory is incredibly low and there also just aren't a ton of buyers right now.