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After slight relief in mortgage rates last week, the Fed’s sixth rate hike of the year finds the housing market adjusting to rapidly tightening monetary policies, as rates returned north of the 7% mark.

According to a new report by J.D. Power, mortgage lenders are struggling to stand out as demand continues to plummet and rates increase, resulting in higher customer expectations and increased competition.

According to a new market report from TransUnion, Texas has the highest percentage of residents looking to move within state lines. Click through to learn more, including the number-one migration destination for those looking to move out-of-state.

“Mortgage rates may take longer to come down than many have expected, which means housing trends could continue to worsen as the economy adjusts to higher rates,” said Taylor Marr, Redfin’s Deputy Chief Economist.

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.

Renters have historically voted at far lower rates than homeowners, but that gap between voting trends may be narrowing, according to a new study by Apartment List.

Despite ongoing price corrections, home values in the top 50 metropolitan markets remain elevated up to 66% since the start of the pandemic.

According to the latest Redfin analysis, a surge in construction during the pandemic boom resulted in nationwide inventory growth, as the share of single-family homes is up 25% from Q3 of 2021.

"In a shifting and ultra-competitive marketplace, with twice as many real estate agents than listings, having insights from experienced agents—80% of whom are confident about making it long term as an agent—about what works best to power business growth has never been more valuable," said Donna August, VP of B2B Marketing at Realtor.com.

"The HPSI reached an all-time survey low this month, in line with expectations that the housing market will continue to cool in the months ahead," said Doug Duncan, Fannie Mae SVP and Chief Economist.