January 18, 2022 at 8:59 a.m.Despite promises of a smooth increase in home financing costs from the Federal Reserve — a prediction reinforced by so-called industry “experts” — we’ve just witnessed one of the largest hits to a house shopper’s buying power in history.My trusty spreadsheet’s analysis of Freddie Mac’s weekly report on average 30-year mortgage rates with a history going back a half-century. That history includes the insane double-digit rates of the early 1980s.
Well, it seems that at least mortgage markets aren’t waiting for the Fed to act. Too many people fear rising inflation — biggest jump in the Consumer Price Index since the early 1980 — will quickly push all interest rates higher, Ponder a house hunter’s worst week in the last 50 years, in terms of buyer power: In the seven days ending March 14,1980, buying power was cut 8.6% as the average mortgage rate went to 15.4% from 14%.
But what we’ve gotten in early 2022 is a huge reminder that while the Fed is a financial market powerhouse, it does not have absolute say in what interest rates do.
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