Since Jan 2023, mortgage rates show a chart pattern that is characterized by higher highs and higher lows.

The average rate on a 30-year fixed mortgage rose to 6.96% as of Aug 9th, 2023.

Rates hit a 20-year high of 7.08% in Nov 2022.

With the rate of inflation coming down, many real estate pundits have predicted that mortgage rates would come down too.

At least for now, I’ll take the other side of that bet.