Fed Chair Jerome Powell gave us some clues as to what the Feds are thinking. A bit of a hawkish tone. He is flexing his muscles but maybe just for show.

Other Fed Presidents are more optimistic of a rate pause and cut mid to end of 2024.

Zillow has adjusted their home price appreciation forecasts down from 4.3% to 3.3% for 2023. Over the next 12 months the revision has been adjusted down from 4.9% to 2.1%.

At this point home values are hitting rates square in the face. The appetite for an 8% mortgage is too much to bear.