Mortgage rates are expected to stay high this summer after the Federal Reserve maintained the benchmark interest rate at 5.25% to 5.5%. The Fed, aiming to combat inflation, has kept rates steady after rapid hikes from near zero. Fed Chair Jerome Powell noted inflation has eased but remains above the 2% target. The Fed plans just one rate cut this year, disappointing those hoping for a summer decrease. Mortgage rates, near two-decade highs, are likely to stay around 6.99% until a rate cut is imminent. High rates complicate decisions for buyers and sellers, with affordability at risk due to rising home prices and mortgage rates. Despite flat inflation in May and falling gas prices, rising shelter costs continue to pressure the housing market. Critics argue the Fed's policies are exacerbating housing issues based on flawed inflation measures.

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PODCAST ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.