SANDY, Utah (ABC4) – Utah’s housing inventory is at a 22-month high — and the number of offers for homes is down, too.

That’s according to Kara Loftus, Vice President of mortgage services with Mountain America Credit Union.

“We just don’t really know what’s going to happen. We’re in uncharted territory right now,” said Loftus.

Her comments to ABC4 come in the wake of Wednesday’s Federal Reserve announcement that their federal fund’s rate is going up 75 percent — meaning that borrowing money is getting more expensive.

Loftus says mortgage rates are still historically low, even if they’re the highest since the Great Recession. According to the Mortgage Bankers Association, the average interest rate nationally is now at the highest level since 2008.

Loftus says it’s a great time to buy a home if you plan to stay long-term.

“If you think that you’re going to re-locate, or you may not stay in the home longer than 2 or 3 years, it may not be the best time to buy,” said Loftus.

‘It’s a higher interest rate, values are high now. We might see a leveling off, even a decrease in values, which could affect your ability to sell your homes in the next couple of years,” added Loftus.

She also predicts the rise in ARMS or adjustable-rate mortgages.