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Mortgage rate inched up again last week as the bond market grapples with a growing economy in the run up to the next FOMC meeting. 

After a slump in June, new home sales grew 4.4% in July. New home prices have declined year-over-year for the past four months, smoothing the affordability crisis.

Economists, analysts and mortgage execs say that mortgage rates could keep rising, possibly touching 8% in the coming weeks. We look at what that means for the housing market and how the 2024 forecast is shaping up.

U.S. single-family homebuilding picked up significantly in July to a seasonally adjusted annual rate of 1.452 million, according to the U.S. Census Bureau. But starts have been down 13 of the last 15 months on a year over year basis.

Inflation ticked up slightly in July but monthly price increases held steady, signaling continued moderation of the economy.