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The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech

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The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech

By Pam Martens and Russ Martens: June 15, 2022 ~ Wall Street does not have exclusivity on the pain trade. There’s pain at the pump for average Americans, pain at the grocery store, and now, adding to the pain for American home buyers who have watched the cost of homes spiral upward over the past year, the national average on the 30-year fixed rate mortgage just spiked to 6.28 percent as of yesterday. Mortgage News Daily reported the following yesterday: “The average lender is quoting top tier 30yr fixed rates in the 6.25-6.375% range, but as we discussed yesterday, it’s cheaper than normal to buy one’s rate down. That means rates in the high 5’s are still being quoted, but those quotes imply higher upfront costs (aka ‘points’).” Interest rates on the 5-year and 10-year U.S. Treasury notes are also rising at a breathtaking pace – effectively doing much of the … Continue reading


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