Hello Hunter,Wow, that is the $64,000 question! I have been employed as a mortgage banker for over 45 years and if I knew with certainty when the rates would increase or decrease, I would be a very rich man. The problem is, even economists that people look to as "experts" disagree about what will cause rates to rise and fall and to what degree. Janet Yellen, the current Secretary of the Treasury, served as the 15th chair of the Federal Reserve from 2014 to 2018. Her financial background is impressive to say the least. Yet, in the early years of the Biden administration she misjudged the effect of the inflation terribly and as government went on a spending spree as inflation roared unchecked and Ms. Yellen is quoted as saying inflation was small, manageable, and transitory. In June of 2022, she admitted that her 2021 comments were incorrect but by then the Fed had stepped in and raised rates already 3 times.Interest rates rise and fall for several reasons and in 2002, The Fed stepped in and raised rates a total of 4 more times for a total of 4.25% in total increases for the year. If anyone had asked me would rates increase in 2022 at the start of the year I would have said yes, I think they will, but I never would have expected that kind of move. And according to the comments by Fed Chairman Jerome Powell after the December meeting, there may yet still be more increases in 2023 in order to deal with the worst inflation since the 1980's. If their consensus is accurate, 2023 will remain higher than rate cuts may begin in 2024.All of this is predicated on the news that everyone is seeing now. It doesn't take a television news cast to tell us all that inflation is rampant, a trip to the store for a dozen eggs or a carton of milk will confirm that. Gas has come down in many areas since so much was released from the strategic oil reserve but many question if the cost will rise again since that cannot be repeated. Many people report that their home electric and gas bills have risen sharply over the past 12 months and is expected to continue to rise in 2023. This indicated further inflationary news is possible for the future which would indicate to the Fed that future rate increases are in fact necessary to stem the tide of inflation.The bottom line is that no one can tell you when or if rates will drop. We have had a small temporary decrease in the rates in the past few weeks from where they were just a few weeks ago and now may be as good a time as any for the next few years to come. If you would like to see how you would fare now, please feel free to visit our calculator to see what you might expect at the current rates. People who get a reverse mortgage now will benefit from the current rates and higher rates if they continue to rise on the amount of the loan that they do not use because the growth rate on the unused line of credit will be higher giving them access to more funds in the future and you do not pay interest on funds you do not borrow. The adjustable-rate line of credit interest accrual decreases as rates decrease but when/if rates do come back down in the future, if it makes sense at that time, borrowers can refinance if it makes sense for them to do so as well to obtain more money if that is available. Of course, the refinance is subject to borrower and property qualification at that time (but if they do not qualify at that time, they would have been better off to get the loan when they had the chance). That's the beauty of the refinance option - if you qualify and it makes sense, you can opt for a refinance in the future if you have the loan but if you never choose to close the loan in the first place and something happens to affect your eligibility or the HUD program parameters, if you don't already have the loan there are no future guarantees for anything, rates included.