Avg long-term US mortgage rates retreated. The 30-yr rate ↓ to 5.3%, while the avg 15-yr fixed-rate mortgage ↓to 4.5%. The Fed ↑ 75 pp its main borrowing rate, the second such increase in < 2-mo. Consumer prices ↑ 9.1% yearly, the biggest yearly increase since 1981.
Market Update