Mortgage Rates Little-Changed, But Could Improve Tomorrow


Posted To: Mortgage Rate Watch

First things first: the Fed cut its policy rate today, but that doesn’t mean they cut mortgage rates . Why? Because they can’t and they don’t–especially not by a whopping 0.25% in a day (an amount that may be seen once or twice per decade when it comes to a single day’s change in mortgage rates). Case in point, mortgage rates for almost any lender are almost exactly where they were yesterday. All that having been said, the Fed does SAY things that are important to the bond market that underlies rates. That verbiage can always push mortgage rates in either direction regardless of the direction that the Fed moves its own policy rate. In today’s case, the Fed’s verbiage was a bit friendlier than the market was prepared for. As such, both stocks and bonds improved in the afternoon. The average…(read more)

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