Housing market correction? Here’s what experts think is ahead for the real estate market

The Federal Reserve’s interest rate hikes may be intended to give the housing industry a “reset,” as chair Jerome Powell wanted, but it also may have further confused homebuyers and sellers on what to do next.

Average 30-year fixed mortgage interest rates have spiked from 3.2% to 6.38% over the past six months, tightening supply as sellers hang on to those early, historically low rates. But the demand for housing of all types still remains high nationwide.