Fannie Mae now predicts rates around 6.5% by the end of 2025 and 6.1% by the end of 2026.

Take credit cards, for example. Those short-term borrowing products currently have rates averaging over 21%. Personal loan rates, while lower, still have a nearly 12% average. Meanwhile, rates on home equity products sit in the low-to mid-8% range.

The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7%, set in mid-January. The 30-year rate’s low point this year was in early April when it briefly dipped to 6.62%.