This is a very volatile market.
I may be wrong for three months and things may come back down. But if it's 3 to 4 months of very volatile 10-year Treasury costs that will cause a little bit of upward pressure on interest rates.
So inflation is still the number one target for the Fed right now, and that will continue to cause upward pressure on bonds, treasuries, suck money out of the stock market, and equities.
JPMorgan Chase is sitting on $1.2 trillion in cash! That includes their loan loss reserve.
The entire semiconductor market is $600 billion.
It is a risk-off market. Money is on the sidelines. It's pretty oversold. And that liquidity drain is not good for mortgage interest rates.