Suddenly mortgage interest rates are way down. Then they’re up. What’s a consumer supposed to do?

Watch and probably wait.

“This is still a period of extremely elevated volatility, so rates can move quickly both up and down in a short span of time,” said Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association.

Remember, said Jacob Channel, senior economist at LendingTree, which tracks and analyzes rates: “People struggling to afford a home at 7% will probably still struggle at 6.5%.”

Mortgage rates had risen steadily steadily since early in the year, coinciding with the Federal Reserve’s decision to keep jacking up its key interest rate as a way to fight inflation.

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