Well, damn it, mortgage rates just hit their highest level in 21 years and Chris, Saied and Haroon are here to tell you why.  Spoiler alert, they think the yield curve inversion has something to do with it and that the 10-year treasury has more to move up before the end of the year signaling 8% to end the year for mortgage rates as a possibility.  The Fed dropped their minutes where some of the FOMC members were apparently quoted as suggesting that another 25bps increase may be necessary; however, our Chief Economist is declaring shenanigans.  Chris pops off on real estate company Compass and apparently Janet Yellen micro-doses mushrooms when she visits China. 

Resources:

Mortgage Rates Just Hit Highest Level In 21 Years (Forbes)

Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Recession (Market Watch)

Fed officials see ‘upside risks’ to inflation possibly leading to more rate hikes, minutes show (CNBC)

Unpaid commissions key ingredient in Compass’ cash-flow positivity (The Real Deal)

Did Janet Yellen Accidentally Eat Psychedelics In China? What To Know About The Sold-Out Dish Cooked With Hallucinogenic Mushrooms (Forbes)

Here's when the San Francisco Fed expects households to run out of COVID-era extra savings (Morning Star)

Fed Saw ‘Significant’ Inflation Risk That May Merit More Hikes (Bloomberg)

How Severe Is the Housing Shortage? It Depends on How You Define ‘Shortage’  (Wall Street Journal)

Wall Street Is Ready to Scoop Up Commercial Real Estate on the Cheap (Wall Street Journal)

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