I don't believe the mortgage rate will exceed 10% as some have predicted. Rent inflation looks to be cooling off and with that will ease the pressure on further mortgage rate hikes. Given that rent inflation has increased about 7.8% from a year earlier, 30 year fixed mortgage rates may only need to exceed the expected inflation on rent prices. We are already seeing a decline in home prices and this could lead to a steady decline in inflation.
The 30 year fixed mortgage hit over 10% in the 1990 recession but I think this time it's much different. This economy is much weaker and would not be able to support that kind of interest rate. Real economic activity was much stronger in the 80's than than our current abysmal growth rates of present day.
I think the 30 year fixed could possibly reach 8% at the peak of the federal funds rate by mid 2023. I don't think it ever reaches 10%.
This is my 2 cents.