Mortgage Rates Slightly Higher Ahead of Fed Minutes

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Posted To: Mortgage Rate Watch

Mortgage Rates were sideways to slightly higher today, depending on the lender. Several lenders issued mid-day reprices as bond yields moved higher throughout the day. Lenders who didn’t reprice will begin tomorrow with slightly higher rates, all other things being equal. In other words, the underlying bond market deteriorated, but not enough for every lender to adjust rates in the middle of the day. Instead, that deterioration will be reflected in tomorrow morning’s rate sheets unless bond markets happen to bounce back (toward lower yields) overnight or early tomorrow morning. Tomorrow’s biggest source of potential volatility is the release of the minutes from the most recent Fed meeting at 2pm ET. This gives investors a chance to examine the Fed’s discussion leading up to the late July policy…(read more)

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