Mortgage rates can rise and fall from week to week. But recent spikes have been far larger than any subsequent drops. For example, the 30-year fixed rate dropped from 6.70% to 6.66% on Oct. 6, but that came after six straight weeks of increases that pushed mortgage rates from 5.13% to nearly 7 percent.

Extremely high prices and an overall strong economy have led the Federal Reserve to take aggressive measures against inflation this year, including three historic rate hikes of 75 basis points (0.75%) each in June, July, and September. Although fixed mortgage rates are not controlled by the Fed, they've been spurred significantly higher by its actions.

As a borrower, it doesn't make much sense to try to time your rate in this market. Our best advice is to buy when you're financially ready and can afford the home you want - regardless of current interest rates.

Remember that you're not stuck with your mortgage rate forever. If rates drop significantly, homeowners can always refinance later on to cut costs.