Why are mortgage rates rising so quickly and will they continue to do so? In today’s real estate market, that’s the question that a lot of people are asking. This year alone, we’ve seen the Federal Reserve raise the 30 year fixed rate mortgage six times. Hi, I’m Rich Barnes, owner Broker of Realty Experts in West Allis, Wisconsin, 53214. And according to Sam Carter, chief economist with Freddie Mac, the uncertainty and volatility in the financial markets is heavily impacting mortgage rates. The 30 year fixed rate mortgage has more than doubled in the last year and as you can see, these are significant increases. So what’s driving up the mortgage rates? The main answer has to do with inflation. The Federal Reserve is trying to bring soaring inflation down and slow the economy which is having an impact on mortgage rates and the housing market. Until we see inflation come down, we may continue to see mortgage rates continue to rise in the new year. So what does that mean for 2023? According to Mark Fleming, chief Economist with First American, while mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us. This means we may not necessarily see the rapid spikes we saw in the rates in the last year. A more stabilization of the economy. It’s very important to have trusted expert on your side that can help educate you in this market and navigate you through it. I’m Rich Barnes with Realty Experts. Please feel free to connect with me so that I can update you on the latest developments in regards to the housing market and mortgage rates to help you make an informed decision whether you’re buying or selling. You can always rely on rich.com. Thanks, and you have a great day.