Fannie Mae researchers say rising mortgage rates aren't the only reason homeowners have been reluctant to sell, and rates coming back down won't necessarily produce a flood of for-sale listings.
Mortgage lenders tightened standards for the third month in a row in May, with mortgage credit availability falling to the lowest level since January 2013.
Friday's strong jobs report renews worries that Federal Reserve is not done hiking rates to combat inflation as policymakers face June 14 decision to "hike, skip or pause."