The average 30-year fixed-rate mortgage has fallen below 7%, settling at 6.99%, providing some relief for participants in the housing market. William Raveis Mortgage Regional Vice President Melissa Cohn joins Wealth! to discuss the outlook for the housing market.

Cohn notes market participants are looking for rates to fall "well below 7%" as affordability remains a significant challenge. She emphasizes that for homebuyers, "it really is all about the monthly payment," rather than just focusing on the actual interest rates.

Cohn believes that the "American Dream" of homeownership will become more attainable as interest rates decrease, stating, "It is quite likely that when interest rates come down, more buyers will come into the marketplace, and real estate prices will move upward," emphasizing the role that interest rates play in driving the housing market.

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This post was written by Angel Smith