Not that this doesn’t suck for current home buyers, buy it’s worth keeping in mind that this is still fairly low on a historic perspective. Rates through the last part of the 20th century were often in the double digits (https://www.freddiemac.com/pmms). They dropped to around the current level in the late 90’s and started tanking in the early 2000’s. And then fell off a cliff in 2008. The Fed has been trying to get rates back up again ever since, often with negative results. At the same time, raising rates is one of the few tools the Fed has to keep inflation in check, and it needs to be used, lest we end up in the same situation as Turkiye with inflation upwards of 80% officially (https://www.bbc.com/news/world-europe-63120478). Erdogan has very helpfully provided a great case study in lowering interest rates while fighting inflation, he chose poorly.