We continue to see interest rates rise the last two weeks and Jerome Powell, our fearless Fed Chair, did not disappoint.

Though he did not raise the Fed Rate he did state that the rates will remain high for the foreseeable future meaning deep into 2024.

What you are seeing below is the UMBS 30YR. This is the 30year Uniform Mortgage Backed Securities. They are passthrough securities, representing an undivided interest in a pool of residential mortgages.

To make it more clear, Down is Bad – higher rates. But as you can see it’s cyclical so we are not falling off a cliff, I hope. To put this into perspective, the top compared to the bottom is about a point and a half of interest rate.