30-Year Fixed-Rate Mortgages climbed above 7% in October – up from 3.18% 12 months earlier.
This is the first time they have been above 7% since 2002.
As my followers know, I used a technical timing tool to correctly forecast this rise in rates in my January 2022 Timing Letter.
Are Mortgage Rates Nearing
a Longer-Term Peak?
I don’t think so.
Even though rates have more than doubled in the last 12 months, the Fed is raising rates to fight inflation – which is currently over 8%.
It’s very doubtful the Fed is done.
Thus, it’s likely that mortgage rates will continue to rise in the months and maybe years ahead.