Mortgage rates shoot higher after Fed Chairman Powell’s comments

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CNBC: The average rate on the popular 30-year fixed mortgage moved decidedly higher Thursday, hitting 3.25%, according to Mortgage News Daily. That is the highest rate since mid-April.

The move was a reaction to comments made Wednesday by Federal Reserve Chairman Jerome Powell following the central bank’s meeting this week. Fed officials indicated that rate hikes could come in 2023, although they didn’t mention when they would start scaling back their massive bond-buying program.

“You can think of this meeting that we had as the ‘talking about talking about’ meeting,” Powell said, recalling a statement he made in 2020 that the bank wasn’t “thinking about thinking about raising rates.”

Mortgage rates even moved higher Tuesday in anticipation of the Fed meeting.  Read More

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