Bengali noted that as the data and seasonality ensued, the bond markets moved accordingly, and the Fed — being data dependent — "seems to be on the back foot each time, chasin

The coronavirus has wreaked havoc on the economy, and in an emergency response, the Federal Reserve slashed interest rates by a full percentage point—the second rate cut in two weeks and the largest in Fed history.

Many Americans have been priced out of purchasing a home or making a move for years now amid elevated mortgage rates, sky-high home prices, and squeezed budgets due to inflation.

Mortgage rates are ticking up, even after the Federal Reserve has started cutting interest rates. Here's why, and where rates — and home sales — could go from here.