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Inflation is high, so why aren’t mortgage rates higher?

Inflation is hot, so why aren’t mortgage rates over 10% like we saw in the 1970s? Put those disco pants back in the closet; this isn’t the 1970s, John, and the bond market has been saying this to anyone who would listen.

Mortgage rates have trended up to over 7% while the 10-year yield has been around 4%, so everything is in the top-end range of my 2023 forecast. But given how high inflation is right now, why aren’t rates even higher? This is a good question because the answer can clear many things up with inflation details ⇒

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