June 16th was a crazy day for mortgage rates!
The Fed finally Acknowledging inflation after being very transitory and admitting we are going to see inflation around 3.4% towards the end of the year.
The feds also mentioned the increased possibility of 2 rates hikes in 2023.
This led to a greatly accelerated discussion of the feds tapering their bond buying and THAT caused the markets to go haywire and mortgage rates to skyrocket in a hurry.
Fed Chair Jerome Powell said the economy has “a ways” to go before it will have healed enough for the Fed to start paring the monthly bond purchases. And the timing of the rates liftoff isn’t even in the conversation but the damage was done.
With all the alerts we have in place we were able to lock ALL our clients in BEFORE the hike. To learn more visit – https://freshhomeloan.com/refinancing/