 If we look at the housing market right now, sales are down, new listings are down, prices are decelerating. And yet, really good inflation data came in last week. The bond market rallied and mortgage rates took a notable dip below 7% for the first time in months. So maybe we're finally past the peak of mortgage rates? One trend to watch, Simonson says, is whether housing inventory continues to rise or whether it has now plateaued.