Melissa Cohn thinks buyers have backed off a little as mortgage rates rose again, and there’s a lot of uncertainty about their path forward. It’s “pretty clear” the Fed won’t cut rates this week, and Melissa says the tone of Powell’s speech is what to watch. There’s a lot of pent-up demand in the housing market that could be unleashed with favorable policies and interest rates below 5.5%. However, affordability remains a complex and difficult concern.