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Mortgage rates spiked dramatically this week, though they've calmed a bit over the past couple of days. Average 30-year mortgage rates are holding steady below 8%, but it's unclear if they could climb further and finally spike above this long-feared milestone.
Rates are expected to fall in the coming months and years as the economy cools off and inflation decelerates down to the Federal Reserve's target. But exactly when rates will go down remains to be seen.