Source: Fed approves 0.75-point hike to take rates to highest since 2008 and hints at change in policy ahead

30-year mortgage rates are now at 7%. Some think rates go higher (up to 10% in 2023, even 12%) while others forecast dropping rates to 5.4% in 2023. Mortgage rate forecasts this year have been as accurate as disease models, which is to say, inaccurate and worthless.

This page shows a range of forecasts from 4% to 9+%.

Some forecast home prices will hold steady while others forecast a -20% drop in prices.

Other types of loans will also see higher interest rates. The effect is less borrowing, which leads to less spending, which leads to less revenue for businesses, which leads to a recession and job layoffs.