Brainard Speech

U.S. mortgage rates breached the critical 5 percent level today. Prepared remarks from FOMC dove Lael Brainard spooked the markets into a tailspin sending yields on the 10-year Treasury above 2.56 percent. Average mortgage interest rates quoted from Mortgage News Daily spiked to 5.02 percent. This is the first time rates have been this high since 2018. You may remember that the fourth quarter of 2018 also saw the stock market and real estate markets come unglued before the Fed stepped in to intervene. Unfortunately for real estate bulls, this time is different. Instead of [...]