Mortgage rates have had a great impact on the history of the economy. When we see rates spike, the amount of money people are willing to invest in real estate and other large ticket items typically goes down. When there is less money being invested in real estate or other large value purchases, there is usually a slow down within the economy.
When they drop or are in the lower end of the spectrum people have more money and they are willing to invest in real estate or other large ticket items and this in turn helps to stimulate the economy. Typically this is not an immediate shift. It takes several months for the market to adjust.
One of the thing everyone would like to be able to do is to make good predictions. This is difficult to do. If you look back at the mortgage history about 20 years or so ago that was the last time that mortgage rates were over 10%. The history of of these rates in the period between that 20 years to about 30 years ago, seeing them over 10% was normal.
To be able to better make predictions, a larger period of time needs to be looked at. If you just look at the last 20 to 30 years, you can only make a very limited prediction. Other factors as well have to be looked at, not just history. Unemployment rates, stock market, oil prices, national debt, and more need to be taken into account if you want to be able to do better mortgage rates predictions.