https://www.cnn.com/2023/05/03/succe...ike/index.html
"Your mortgage and home loans: What to do now that the Fed just raised rates again."
I love how the media loves to create panic with bad news and only gives a fraction of the entire picture.
If you are on the fence about buying a home, and you have the means/ability to buy, then proceed. Rates are higher, but you are not married to this rate -> refinance the b!tch when rates drop. Simple and logical solution.
I will agree (rare occurance) with 1 statement they made:
"As to where mortgage rates go next, look to inflation. If inflation keeps dropping, then mortgage rates are expected to drift lower too. But don’t expect them to go back to 3%."
The Feds have an influence on what mortgage rates will do, BUT they do NOT control/set mortgage rates. Inflation is a big driver on mortgage rates: as inflation goes up, so does mortgage rates, and vice versa. As we see inflation go down, so will mortgage rates.
And don't look for the 2-3% range rates, unless we have another pandemic.