"You might expect that mortgage rates would be falling right now after the Federal Reserve cut interest rates by a half-point last month.
Instead, mortgage rates jumped higher. The latest data from Freddie Mac showed that the average 30-year mortgage rate had increased to 6.4%, more than a quarter-point higher than it was two weeks ago.
The news is probably an unwelcome surprise to the folks who had been hoping for lower interest rates to finally come off the sidelines and start shopping for a home.
Here’s what’s going on — and what it means for those trying to buy a home now."
It’s because buyers are getting desperate, demand is huge, the banks hope the sellers will take a haircut to sell and they can take the margin in interest.
It’s been a while since capital has felt this powerful, cash has been cheap for so long, they want to see what they can do with this.
This is very much a Jesus consent meme with the banks saying ‘I don’t!’