Mortgage Rates Break 7% AGAIN!

Mortgage Rates Break 7% AGAIN

Mortgage Rates Head Back Over 7% After Powell Testimony Mortgage rates have also risen at the fastest pace in 40 years, but they are not directly dictated by the Fed. Moreover, the market adjusts expectations for the Fed Funds Rate constantly whereas the Fed only officially hikes/cuts 8 times a year. In a scheduled testimony before the Senate Banking Committee today, Fed Chair Powell stopped short of specifying a number for the next rate hike, but commented qualitatively on the need to hike faster/more than previously expected. Markets consequently upped the odds for a bigger hike in 2 weeks as well as a higher ceiling expected by the end of 2023. The average mortgage lender was already close to 7% for a top tier conventional conforming 30yr fixed scenario, and today's weakness was enough to officially push us up into the low 7's.

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