A bit more than 3 months ago, we posed the question “How high will mortgage rates go?“. Our conclusion was that at the peak of the interest rate tightening cycle (which may be a little after the peak of the inflation cycle), floating rate mortgages will be around 2.50% to 2.75% (broken down into a base floating rate or around 2% and a spread of around 0.75%). Fixed rate mortgages, on the other, would peak at around 3%. What has happened in the past 3 months is that fixed rate mortgages have already hit the level forecast, although floating rate ones have not, and we are still some way from the peak of the interest rate tightening cycle. So, what now for mortgage rates? Higher, or lower?