That's down 2.9 percentage points from last month, when Zillow said home prices would shoot up 17.8% over the coming year.

home prices would rise 14.9% between March 2022 and March 2023. On Wednesday, Zillow researchers released a revised forecast, predicting that U.S. Now, real estate researchers are dialing down their home price forecasts. On the year, the Mortgage Bankers Association forecasted the average 30-year fixed rate would climb to 4%, while Fannie Mae forecasted a 3.3% mortgage rate by year's end. Heading into 2022, real estate research firms presumed the Federal Reserve would put upward pressure on rates-but not like this. The swift move up in mortgage rates also has research firms re-gearing their housing forecast models. It's both pricing out some stretched homebuyers and causing some would-be borrowers to lose their mortgage eligibility. Over the past month alone, the average 30-year fixed mortgage rate has spiked from 3.11% to 5.11%. There's no doubt about it: Soaring mortgage rates are an economic shock to the U.S.

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