Mortgage rates are still more than double what they were a year ago.
The average long-term rate reached 7.08% in late October and again in early November as the Federal Reserve has continued to crank up its key lending rate this year in an effort to cool the economy and tame inflation.
More surprisingly, the policymakers forecast that their key short-term rate will reach a range of 5% to 5.25% by the end of 2023. That suggests that the Fed is poised to raise its rate by an additional three-quarters of a point and leave it there through next year. The Fed has made clear that it thinks sharply higher rates are still needed to fully tame the worst inflation bout to strike the economy in four decades.
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