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Existing Homes and Prices Surge; Rates Fall After Fed; GSE Shareholder Woes; Refi Apps Dragging Bottom

Existing Homes and Prices Surge; Rates Fall After Fed; GSE Shareholder Woes; Refi Apps Dragging Bottom

Mortgage rates began the day decidedly lower than yesterday, but most lenders ended up revising rates higher in the mid-morning hours due to bond market weakness. Investors remained on edge heading into the release of the Minutes from the Fed's most recent meeting. Markets were generally prepared for the Fed Minutes to support recent Fed comments regarding faster rate hikes and a reduction the Fed's balance sheet. By continuing to reinvest proceeds from its balance sheet, the Fed is helping to keep mortgage rates much lower than they otherwise would be. The Minutes ended up being slightly less threatening than expected. Bonds consequently improved . Several mortgage lenders have offered rate sheet improvements as a result. If bond market levels were to hold here through tomorrow morning, the
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