Mortgage Rates Decline Amid Economic Uncertainty

Mortgage rates have surged to their highest levels in over two decades, hovering between 6% and 8% due to inflation and the Federal Reserve's interest rate hikes. Experts predict rates may gradually decrease over the next couple of years, but significant drops are unlikely unless the economy faces a severe downturn. Potential homebuyers are advised to consider current market conditions and personal financial readiness rather than waiting for lower rates, as home prices are expected to continue rising.