On Wednesday (9/20), interest rates went up a bit because the Federal Reserve surprised the bond market by sharing its new predictions about future interest rates. For clarity, it’s not that the market believes the Fed’s predictions will be exactly right. Instead, these predictions give investors an idea of how the Fed plans to manage interest rates in the future.
In simpler words, the Fed doesn’t think interest rates are too high at the moment (You might disagree if you’re looking to buy a home right now). If anything, they might need to increase them. Also, they won’t lower interest rates unless the economy starts getting significantly worse.
AKA until the economy starts to suck, the interest rates are going to remain higher, and for longer.