Even with the Federal Reserve raising its short-term fed funds rate by another large amount, longer-term interest rates look to move only slightly. The mortgage market has already priced in the latest Fed move.
Still, mortgage rates are near 20-year highs, and that hurts homebuyers. Once inflation is contained, mortgage rates will start to drift lower. It may be another year or two before that happens.Advertisement
Lawrence Yun
Lawrence Yun is Chief Economist for the National Association of REALTORS®.









