Mortgage Rates Spike to 2-Month Highs; Millennials Will be Renting a Lot Longer

Mortgage Rates continued sharply higher today, as financial markets quickly adjust their outlook for global monetary policy (the rate-setting and asset purchases among central banks like the Fed). The move began with yesterday's announcement and press conference from the European Central Bank (ECB). If you remember the analogy of the Federal Reserve "taking away the punchbowl"--an allusion to accommodative monetary policy--the ECB essentially passed on the opportunity to reassure markets about the availability of its own punchbowl. Long story short, central banks have been juicing financial markets with low interest rates and free money in the form of asset purchases (e.g. "QE" in the US). Financial markets are having a tantrum because they see yesterday as the first clue that the ECB might

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