Mortgage Rates Jump to 3-Month Highs

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Posted To: Mortgage Rate Watch

Mortgage rates jumped abruptly higher today for many lenders after reports of an informal show of hands in favor of John Taylor as Trump’s potential Fed Chair nominee. Taylor is one of two candidates being seriously considered, and he’s generally seen as being less rate-friendly than the other candidate, current Fed board member Jerome Powell. Trump indicated he was “very very close” to making a decision yesterday, so markets are especially sensitive to headlines that seem to answer the question: how will be the next person to lead the world’s biggest and most influential central bank? The Fed doesn’t specifically set mortgage rates, but Fed policies have far-reaching consequences for the broader bond/rate market. Most mortgages are securitized–basically, they become bonds–and thus tend to…(read more)

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