This spike is a result of rising inflation and Federal Reserve rate hikes. The consumer price index (CPI) rose to 8.5% which is the highest level since 1981. The Federal Reserve starting rate hikes in March was the first increase since 2018. It is expected that the Federal Reserve will continue with rate hikes due to current aggressive inflation.
According to an article written by Matthew Graham for Mortgage News Daily, “The point is that rates are a lot higher than they were a few days/weeks/months ago and they got there quickly. As this process has unfolded, we’ve seen several instances of friendly corrections that offer some hope that rates may have found a ceiling.”
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Nice Little Reprieve For Rates, But We’ve Seen This Show Before
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