Fed cuts rates but mortgage rates rise
Boston Condos for Sale and Apartments for Rent
Fed cuts rates but mortgage rates rise
Fed cuts rates as mortgages get costlier post-election
Investors guess at effects of Trump presidency, but Jerome Powell won’t
A photo illustration of Chair of the Federal Reserve of the United States Jerome Powell (Getty)
“The big impact on rates this week was clearly the election,” said Mortgage Bankers Association chief economist Mike Fratantoni. “As results rolled in, longer-term rates jumped higher. Investors expect somewhat stronger economic growth, higher inflation, and larger deficits.”
Mortgage applications have fallen for six straight weeks, with rising rates as the likely culprit.
Rates had been pushing up for several weeks, however, so clearly more than the election outcome was at play. A variety of economic data influences investor behavior, which in turn affects the yield on 10-year Treasury notes. Long-term mortgage rates track long-term T-bills because they have similar length and risk profiles.
The answer: not much.
“We don’t guess, we don’t speculate, and we don’t assume,” Powell told reporters after the Fed released an official statement that offered no guidance about future rate cuts.
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