Mortgage rates are inching upwards again, hitting 7.34% for 30-year fixed loans.

The experts believe the direction of rates in the coming months and years hinges on the labor market.

If unemployment remains low and job creation continues, mortgage rates are likely to fall.

However, experts emphasize that the rising cost of homeownership extends beyond mortgage rates.

Insurance and property taxes are also on the rise, particularly in areas vulnerable to climate change and natural disasters.

These additional expenses can pose a significant financial burden for homeowners, especially first-time buyers with limited down payments.

On a positive note, housing inventory is showing signs of improvement, with an increase in new listings.

This suggests that home buyers will have more options in 2024, which could potentially curb the rapid price growth seen in recent years.

The departure of the National Retail Realtors Association from traditional buyer-seller commission arrangements has raised concerns.

Buyers may be hesitant to cover the full cost of agent commissions, which could impact the overall housing market.

It remains to be seen how this development will affect home sales and prices.

Mortgage rates are likely to fall if unemployment remains low and job creation continues.

The direction of mortgage rates hinges on the labor market, with low unemployment and job creation indicating a likelihood of falling rates.

Additional homeownership expenses, such as insurance and property taxes, can pose a significant financial burden.

Insurance and property taxes are rising, particularly in areas vulnerable to climate change and natural disasters, adding to the financial challenges for homeowners, especially first-time buyers.

Increased housing inventory may curb rapid price growth in 2024.

An increase in new listings suggests more options for home buyers, potentially leading to a moderation in the pace of price growth.