You are describing a "steady state universe" That is so 1950s!

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Any day you wake up on "the right side of the dirt" is a good day.

T. Anderson

The continuous creation of matter was introduced specifically to save the steady state model from collapsing under the weight of the expanding Universe (which its proponents didn't doubt). In Ned wright's cosmosmology turorial, there is a page about the problems/errors of the Steady State and related models.

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Non sunt multiplicanda entia praeter necessitatem.

Current thinking is that the universe will gradually "thin out". If the rate of expansion continues to accelerate as we think it is doing, then in hundreds of billions of years any astronomers around in whatever becomes of our galaxy will only be able to see the galaxies in their local group. The distances between the clusters of galaxies will be increasing so fast that light will not be able to travel between different clusters.