Don’t expect interest rates to go down. By historic standards they are low. Federal Reserve chair Jerome Powell told us on Friday that the Federal Reserve will fight inflation and there will be some pain. Mortgage rates went up last week but are slightly lower than they were in June. Housing prices are still rising the rates may slow that down a bit.
It won’t be the wealthy who feel that pain it will be the poor. Powell didn’t say that but we all know that it is true.
As for the rates in the chart they are averages and they are the rates that borrowers with good credit ratings get.
