A year ago -- in October 2022 -- I commented on rapid changes in mortgage interest rates through the first ten months of 2022...

January 2022 = 3.45%

April 2022 = 5.00%

October 2022 = 6.94%

At that point, in October 2022, I reflected that...

"I don't think that we can assume that mortgage interest rates are going to drop substantially at this point.  Mortgage interest rates may very well continue to be between 6% and 7% for the next 12 months."

I'm going to double down on that advice here in October 2023...

The current average 30 year fixed rate mortgage interest rate is 7.31%.

I don't think anyone should be waiting around thinking that we'll see 6.5% soon and then 6% after that...

I think it is very likely that we will continue to see mortgage interest rates in the current range (6.75% - 7.50%) for the rest of 2023 and perhaps through the entirety of 2024.

If mortgage interest rates decline, that will be fantastic, but I don't think we should expect it or count on it.