Mortgage Rates Jump To 23-Year Highs, Conference Board Leading Economic Indicator Declined -7.6% YoY

Bonds have plunged to their weakest levels in years, pushing mortgage rates to near a 23-year high of 7.47% for a 30-year fixed rate. The Conference Board’s Leading Economic Indicator reported a decline of -0.4% for August, with a year-over-year drop of -7.6%. Despite attempts by the Federal Reserve to curb inflation, their efforts fall short. The Fed’s target rate has increased rapidly recently, but its balance sheet is slowly contracting.