Our experts answer readers' home-buying questions and write unbiased product reviews (here's how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Mortgage rates appear to be bearing the brunt of the Federal Reserve's aggressive hikes to the federal funds rate. Ever since the Fed started raising rates in early 2022, mortgage rates have skyrocketed.
This means hopeful homebuyers are at the mercy of the Fed, and might not see substantial improvement in mortgage affordability until the central bank starts cutting rates.