Mortgage rates are pushing even higher this week and are now clocking in at their highest level since the turn of the century.
As of Monday, the average rate on a 30-year, fixed-rate mortgage had soared to 7.48%, more than double the average before the Federal Reserve started raising interest rates, according to Mortgage News Daily. The last time rates were this high was in November 2000.That marks a nearly half-percentage-point increase in just the past month alone, with a sizable chunk coming in the past week.
“Investors just aren’t seeing the kind of deterioration in economic data that they expected,” Graham said. While most investors don’t expect the Fed to raise its rate target again at its next meeting in September, they do expect it to be months before the central bank pivots and starts cutting rates. However, some economists think that the Fed might end up conducting one more rate hike before the year is out.
“Are they done raising those rates? I don’t think so,” O’Connor said. “I think [Fed Chairman Jerome] Powell is still very much concerned with core inflation, and even though a lot of the other metrics look good relative to the number of jobs, unemployment rate, things of that nature, there are other types of markers in the ether there that are raising concerns relative to wage inflation, things of that nature.
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