Mortgage And Refinance Rates, June 22 | Rates falling today
Mortgage And Refinance Rates, June 22 | Rates falling today
Abstract
Federal Reserve Chair Jerome Powell is giving testimony on Capitol Hill this morning. His remarks are more than capable of moving markets, so things might change in the coming hours. The yield on 10-year Treasury notes tumbled to 3.15% from 3.28%. The opposite may happen when indexes are lower, but this is an imperfect relationship. Oil prices plunged to $102.10 from $111.87 a barrel. But this is good for mortgage rates. It was good for Mortgage rates. But that's no longer the case. The Fed is about to face an array of powerful interests - from business to government to many consumers who dread a recession. And it will come under enormous pressure to moderate its Monetary Policy changes to achieve a “soft landing,” which would be low inflation while avoiding a recession and high unemployment.