Mortgage rates are most influenced by the bond market and the bond market is most influenced by the Federal Reserve (aka "The Fed").  So when the Fed says it expects rates to be "zero" at least until the end of 2023, does the same go for mortgage rates?  That would be nice, but unfortunately, that's not how it works.  The Fed dropped its policy rate to 0% back in March--the same place it had been for nearly 6 years after the financial crisis.  Mortgage rates were in completely different territory during that time and they've often moved in the opposite direction since then. With this in mind, how can we say the Fed is so important to the bond market and mortgage rates?  First off, there's a clue in the chart above.  

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