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Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
If Fed Chair Kevin Warsh's comments lack substance on inflation in the market's opinion, it is likely to drive mortgage rates even higher, NerdWallet warned.
The deal structure includes a lock-out feature that will redirect the portion of the subordinate principal among other protective features like subordination.
The property market has been held back in recent months by elevated borrowing costs, which had fallen below 6% in late February before the Middle East conflict boosted energy prices.
Second homes account for 10.1% of the underlying collateral pool, the highest ratio seen in pools all year.
