How Yesterdays Fed Announcement Affects Mortgage Rates…

Mortgage rates are on the rise today.

This is due to the Fed’s announcement yesterday that they may be increasing their lending rate in 2023. Even though the Fed
lending rate has no direct impact on mortgage rates, an announcement like that still affects the mortgage rate market.

The Fed didn’t say when they may start to reduce their bond purchases, which would more directly affect mortgage rates.

Hopefully, it will be a small bump in the road and rates will rebound favorably.

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