As housing prices have risen in tandem with interest rates, 30-year fixed mortgage rates have risen from a pandemic low of 2.68% to as high as 6.3%. 

It is possible, depending on who you ask. Mortgage rates have risen dramatically this year, owing primarily to rapidly rising interest rates.

The Federal Reserve has already increased interest rates four times, typically by an amount of up to one hundred or seventy-five basis points.

The Fed is expected to raise interest rates at least once more before the end of the year. What comes after that, on the other hand, is largely unknown.

If inflation falls, the Fed is likely to ease off the gas on its hawkish monetary policy, which could lead to a drop in mortgage rates.

The consumer price index (CPI) report from last month showed no month-over-month price increase, leading some economists to conclude that inflation is easing faster than expected.

Unfortunately, according to Fed Chair Jerome Powell's recent Jackson Hole speech, the central bank is not so sure:

While July's lower inflation readings are welcome, a single month's improvement isn't enough for the Committee to be confident inflation is falling.

Who you ask, mortgage rate drops vary wildly. Fannie Mae predicts 30-year fixed mortgages will average 4.5% in 2023, down from 5.55% in June.

This would provide significant relief to would-be homebuyers who are being squeezed by the current high rates and prices.

For low- and low-income borrowers who can’t get an affordable mortgage from other sources and don’t have decent, safe, and sanitary housing,  

If you can demonstrate a history of timely rental payments or another positive nontraditional credit source, or if there are no delinquent payments listed on your credit report,