Persistently high mortgage rates continue to pressure the housing market, deterring both homebuyers and sellers from actively listing and purchasing properties. To shed light on this challenging rate environment, National Association of Realtors Chief Economist Lawrence Yun joins Wealth!

Despite the elevated borrowing costs, Yun notes that "multiple offers are still happening," indicating a continued presence of buyers in the marketplace. However, Yun highlights a lack of supply to meet the demands. He suggests that should the Federal Reserve not cut rates in the near term, markets could potentially see "maybe six to eight rounds of rate cuts all the way through 2025," ultimately lowering mortgage rates and benefiting the housing market.

"We know we are going to have more buyers when the rates decline—that's almost a certainty," Yun told Yahoo Finance. "The key question is whether we would have adequate supply to meet that demand."

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This post was written by Angel Smith