Jamie Dimon: “Everyone should be prepared for rates going higher from here…. The Fed doesn’t control the 5 and 10-year rate.”
Mr. Dimon says that we are already seeing credit drying up with banks wanting to retain capital. The Fed doesn’t control the 5 and 10-year rate, so he thinks we should prepare for as high as 7% on the 10-year. As the 30-year mortgage is based on the 10-year, this would certainly affect housing.
