This is not just local news, but it is the biggest news in real estate right now. Last week mortgage rates rose to the highest level in 22 years! According to Freddie Mac's weekly survey of mortgage lenders, last week's average was 7.09%. I would understand if you decided to wait for awhile to see what happens with mortgage rates. However, rates could go higher!
This chart shows Freddie Mac's annual averages over the last 50 years and where we are now. Keep in mind that the 50-year average is 7.65% and we are still below that. Also, look at the size of the spike back in the 80's- the last time inflation was high. It dwarfs the current spike.
In my opinion, no one can predict mortgage rates, although many try. Some have predicted that mortgage rates will ease later this year, but they've only gone up recently, despite slowing inflation.
Inflation is slowing down, but the Fed seems focused on the strong job markets, low unemployment and rising wages and won't stop tightening until we are in a recession. Of course, the Fed does not directly set mortgage rates, but has a major effect on them. Mortgage rates usually rise in anticipation of a Fed rate hike.
Realtors say: "Buy the home, date the rate" for good reason. If you are ready to buy, you can always refinance later. Get a payment you can afford and start building equity because each payment reduces your principle faster on a mortgage.