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It’s been a really tough go for prospective home buyers since mid-2020. For the past two years and change, the real estate market has sorely lacked inventory. That’s driven home prices upward and forced buyers into countless bidding wars.

This year, mortgage rates are also higher than they’ve been in decades, adding another layer of difficulty to an already hard situation. And unfortunately, it doesn’t look like housing market conditions are about to get more favorable for buyers anytime soon.

In a recent interview with CNN, Bank of America CEO Brian Moynihan said he’s concerned the housing market will continue to challenge buyers in the coming years. Moynihan pointed to sky-high mortgage rates as a big reason buyers might continue to struggle — especially first-time buyers with more limited financial resources.