The worst of the housing affordability crisis may be over, but that doesn't mean it'll get easier to buy a home soon

• The worst of the housing affordability crisis has already passed, Morgan Stanley said.
• But that doesn't mean buying a home will get much easier or less expensive soon.
• Mortgage rates are expected to see a small decline while the inventory shortage improves only slightly.

The worst of the housing affordability crisis has passed – but that doesn't mean prospective buyers will feel any relief soon, according to Morgan Stanley.

"Affordability remains very challenged. But it's not getting worse. On the margins, it's probably going to improve a little bit from here but remain challenged," Jim Egan, Morgan Stanley's co-head of securitized products research said in a podcast this week. "Supply remains incredibly tight, but it's not getting tighter."