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Rates Spike to 6-Week Highs After Fed; Housing a Bright Spot Amid Broader Economic Gloom

Rates Spike to 6-Week Highs After Fed; Housing a Bright Spot Amid Broader Economic Gloom

Mortgage rates skyrocketed today, relative to their recent average daily movement, following the release of the Minutes from the most recent Fed meeting. At the time of the Fed's last policy announcement at the end of April, financial markets were nervous that the Fed would more firmly indicate their intention to hike at the June meeting. When that announcement had no such clues, markets breathed a sigh of relief and rates moved steadily lower in the following weeks. But over the past 2 days, there's been a sudden rush of similar anxiety. What if we were too quick to assume the Fed wasn't interested in hiking simply because they didn't reference it in the same way they did before the last hike? The anxiety was reinforced by comments from several Fed speakers yesterday, and bond markets (which
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