Mortgage rates can change daily and even hourly. Tharon Green/CNET

Forecasts for the housing market haven't changed much, with stubbornly high mortgage rates keeping prospective homebuyers on the sidelines. After the average rate for a 30-year fixed mortgage inched past 7% last week, it's moving back down, but not by much.

Meanwhile, Friday's release of labor data showed the unemployment rate maintaining a status quo at 4.2%, which likely won't cause enough alarm for the Federal Reserve to reduce interest rates at its upcoming policy meeting on June 17-18.

As I've pointed out in the past, a slowing job market would make it more likely for the central bank to lower borrowing costs. But even though official labor data appears stable, experts warn the worst is yet to come. Joble

See Full Page