It seems the Federal Reserve cannot win for losing. The average 30-year mortgage rate declined last week by nearly 50bps, and the average 15-year mortgage rate declined by almost as much. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate fell to 6.61% from 7.08% last week. A year ago the average rate was 3.1%.
I’m truly dumb to these things so forgive me for asking but are the divergent interest rates a similar puzzle as the drop in oil $ vs supply? I have to read this a couple more times I think 🤔
Maybe "taming inflation" is simply a cover story for "taking out wef," as Tom Luongo has been suggesting as the real motive for some time.