The Fed Is Not Coming to the Rescue This Time

2021: The lowest 30-year mortgage rates ever:

And it kept falling to a new record low of just 2.65% in January 2021. However, record-low rates were largely dependent on accommodating, Covid-era policies from the Federal Reserve.

Current:  Weekly national mortgage rate trends

On Saturday, December 03, 2022, the current average rate for a 30-year fixed mortgage is 7.32%, increasing 15 basis points over the last seven days.

Mortgage interest rates are no where near topping out because the Fed is no longer buying mortgage backed securities.  

I said it a long time ago - the only entity stupid enough to buy multi-decade duration, fixed rate securities so that the average Lower Slobovian in the United States could afford an over priced shit shack in fly over country is the Federal Reserve. 

Private investment has since stepped in filling the vacuum left by the Federal Reserve and is now in control of the price of credit for mortgages.  Asking prices for houses work inversely to the price of credit as very few Great Americans have sufficient funds to buy a home outright.  We are no where near true price discovery.  Cash is King.