Yes, interest rates are rising, but that's not the only thing shifting in the lending landscape. For example, we are seeing changes in the VA lending program, the FHFA's fee structure for second homes, and conforming loan limits.
These changes are program-specific, but they also have a ripple effect in the market. Although the Biden administration cannot influence the Fed (interest rates), changes to these lending programs are undoubtedly part of their intervention strategy to tamp down the market.
If you are in the market for a mortgage and have not been in recent contact with a mortgage broker, we strongly recommend that you consult a lending expert.