It’s a tremendously important and volatile time for the market and especially for interest rates. The biggest inflation surge in decades pushed rates to their highest levels in 14 years by mid June.
While it was never likely to contain too many surprises, this week’s much-anticipated Jackson Hole speech from Fed Chair Powell served as an important reminder as to why rates have risen so sharply in August.
The average mortgage rate headline among major news networks suggests things improved this week. The average headline is wrong.