The Fed raised rates 0.25% today, but THAT isn’t the whole story.
The vote was unanimous, 16 of 18 Fed policymakers project at least one more hike this year, and the 10-year Treasury finished above 5% at roughly 5.02%.
That last number matters enormously for mortgage rates.
The Fed doesn’t directly set mortgage rates. The bond market matters much more.
And right now, bonds aren’t giving the housing market much relief.
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Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #MortgageRates #FederalReserve #HousingMarket