Mortgage Rates Hold Steady Despite Fed’s Warning

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Posted To: Mortgage Rate Watch

Mortgage rates were unchanged to slightly lower today, depending on the lender. Merely holding steady is a victory today. Reason being: bond markets (which dictate rates) weakened yesterday. That implied higher rates ahead. Lenders had the choice to change yesterday’s rate sheets for the worse or to wait until this morning to make the adjustments. Very few issued reprices yesterday. In other words, this morning’s rate sheets needed the overnight bond market strength in order to hold steady. Fortunately, that strength was just enough for the average lender to remain in similar shape to yesterday or better. There were a few brief spats of intraday market volatility, but none were sufficient to prompt any rate changes from mortgage lenders. The Fed released the Minutes from its last policy meeting…(read more)

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