Mortgage rates ended the week slightly higher than they started it, but they're still relatively low compared to recent highs.
Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well.
But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.
If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.
This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.