Mortgage Rates May Already Be Bouncing on Post-Fed Floor

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Posted To: Mortgage Rate Watch

Mortgage rates were steady to slightly higher today. As such, they remain quite close to their lowest levels in roughly 4 months–a distinction achieved yesterday following the Fed announcement and press conference. Actually, it may be more fair to give credit to sharp losses in the stock market for yesterday’s drop in rates. Today, however, another move lower in stocks failed to push rates any lower. In other words, the bond market (which dictates rate movement) seems to have found its floor as of yesterday afternoon. Rates weren’t willing to break yesterday’s best levels despite numerous attempts today–not to mention the stock market losses. When we talk about “numerous attempts” or numerous iterations of any specific interest rate move during a single business day, we’ll generally need…(read more)

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