Mortgage rates begin to fall sharply after Fed announcement

The pace of the spike in mortgage rates over the past several days has been nothing but staggering-- 

especially considering it began when rates were already near their highest levels in more than a decade.  

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From an average level of 5.55% for a top tier 30yr fixed quote on Thursday, the average lender was up to 6.28% by yesterday afternoon. 

The drama began with last Friday's Consumer Price Index (CPI), a key inflation report that showed prices rising faster than expected. 

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