Mortgage rates shoot higher after Fed Chairman Powell’s comments

Source: CNBC — 

The average rate on the popular 30-year fixed mortgage moved decidedly higher Thursday, hitting 3.25%, according to Mortgage News Daily. That is the highest rate since mid-April.

The move was a reaction to comments made Wednesday by Federal Reserve Chairman Jerome Powell following the central bank’s meeting this week. Fed officials indicated that rate hikes could come in 2023, although they didn’t mention when they would start scaling back their massive bond-buying program.