Traditional model predictive control cost functions, when utilizing long prediction horizons ( $N\geq 10$) in power inverter applications, have demonstrated harmonic performances approaching that of schemes based on offline-generated optimal pulse patterns. However, long prediction horizons often prohibitively increase computational load. A different approach to maximizing harmonic performance is taken in this paper. It is shown that shaping the output voltage spectra using a simple feedback mechanism can significantly reduce the length of the required prediction horizon, facilitating a feasible computational load. When a short-horizon cost function is augmented by the feedback mechanism an excellent tradeoff between harmonic performance and switching loss is achieved, even with a prediction horizon of one. It is also shown that the feedback mechanism can be used to improve input reference tracking. Experimental verification of the proposed modulator is performed on a two-level three-phase inverter.