Mortgage Rates Drop Sharply After Fed Announcement

The recent jump in mortgage rates has been shocking, especially considering they were already approaching their highest levels in more than a decade.

From 5.55 percent on Thursday for a top-tier 30yr fixed quotation to 6.28 percent yesterday afternoon.

Friday's Consumer Price Index (CPI) showed prices growing faster than projected.

Inflation is the Fed's top concern and the main reason they're pushing rates higher in 2022.

The drama we saw wasn't worth CPI alone. The market knew a Fed statement was coming on Wednesday and that the Fed was in its "blackout period."

During a blackout, the Fed doesn't discuss monetary policy.

Today's early Fed reaction revealed the market's crazy imagination was right. Fed Funds Futures expected a 0.75 percent rate hike, which happened

Bonds, where we'd expect to see the greatest noticeable reaction and which control interest rate movement, reacted sideways.

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