Fed announcement lowers mortgage rates sharply

The recent jump in mortgage rates has been astonishing, particularly since they were already approaching their highest levels in more than a decade. Top-tier 30yr fixed quotes averaged 5.55 percent

Last Friday's Consumer Price Index (CPI) indicated faster-than-expected inflation. Inflation is the Fed's top worry right now and the main reason they're pushing rates higher in 2022.

Today's early Fed reply revealed the market's crazy imagination was right. Fed Funds Futures expected a 0.75 percent rate rise, which happened 

Why? If the Fed raised 75bps, wouldn't mortgage rates climb 75bps?
This question frustrates industry professionals. Fed Funds doesn't affect mortgage rates

Big changes in Fed Funds Rate predictions usually boost mortgage rates. By the time the Fed raises or lowers rates, mortgage rates have already responded.

Bonds that underpin mortgage rates improved, allowing the average lender to lower rates by a quarter of a percent. Depending on the beginning position, some lenders cut rates more.

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