“If you’re regularly paying your rent on time, that’s a good indication you will also pay your mortgage on time,” says the Federal Housing commissioner.

Pending home sales are posting annual losses in the double-digits as home buyers continue to back away from the market due to surging mortgage rates.

The monthly mortgage payment on a $400,000 loan is about $2,470 compared to $1,660 a year ago, according to NAR.

Leslie Rouda Smith, the association’s president, joins administration officials and other housing leaders to discuss a comprehensive plan to address shortages.

Still, homeowners are faring well, with property prices surging despite a pullback in buyer demand, says NAR’s chief economist.