Mortgage Rates Surge
Mortgage Rates Surging to New 14-Year Highs There were no new or interesting reasons for today's rate spike. The bond market continues getting in position for this Wednesday's policy announcement from the Fed. Traders fear the Fed will--in a nutshell--do and say things that are not friendly for rates. In this case, that relief actually does depend on the message delivered by the Fed. Reason being, there's a risk that the Fed takes this opportunity to really drive home the message that they will be relentless in the fight against inflation. That's the scenario that could actually see rates go even higher. Today's bridges are unpleasant enough with the average lender somewhere in the vicinity of the mid 6% range depending on the pricing scenario.