Mortgage interest rates remained relatively steady in the last week at an elevated rate of 7.19% for the 30-year fixed.

In August 2023, existing-home sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines.

The Fed is on pause and needs to wait and not raise rates. Possible interest rate cuts then need to be considered once inflation is fully under control.