A growing federal deficit and expected higher inflation would keep mortgage rates from falling below the 6 percent mark for the next three years, Mortgage Bankers Association (MBA) chief economist Mike Fratantoni warned over the weekend.

Fratantoni made the grim forecast at this year’s MBA annual conference in Las Vegas on Sunday, saying he expected rates to remain between 6.5 percent and 6 percent through the end of 2028.

“As we move over the next couple of years, we think it’s more likely that long [term] rates are going to go up rather than down, given the fiscal pressures on the economy,” he said.

Newsweek contacted MBA for comment by email on Wednesday.

What Is Standing Against Further Declines?

Americans have now faced three straight years of mortgage rates hovering between 6

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