Highest Mortgage Rates in More Than 3 Weeks

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Posted To: Mortgage Rate Watch

Mortgage rates moved decisively higher this week as the underlying bond market finally began shifting gears. After the Fed meeting in June, rates moved to the lowest levels in more than 2 years and had been holding in a narrow range since then. The risks of a breakout were set to increase as the market digested several key events. One of the most important of those events was this week’s congressional testimony by Fed Chair Powell. Interestingly enough, Powell’s testimony actually helped rates at first. In the 2nd part of the testimony yesterday, there wasn’t much of a market reaction. Instead, it was stronger economic data and poorly received Treasury auction that pummeled the bond market. As bonds weaken, rates rise. Not all lenders fully adjusted their rate sheets to reflect yesterday’s…(read more)

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