Friendly Fed Helps Rates; Pending Sales Weaker in West; Refis Cool
Mortgage rates caught a break today! After having moved sideways or higher for the past 7 days, and spending the last 3 at the highest levels in more than a month, rates finally moved lower, albeit modestly. The friendly push came from the Federal Reserve after it released its monetary policy announcement this afternoon. Market participants were nervous that the Fed would do something to hint at a rate hike in June, much like it hinted at the December hike in the October Announcement. While the Fed doesn't directly control mortgage rates, the sooner they hike, the sooner it makes "money" more expensive for everyone. That thesis was reflected in the fact that stocks and oil prices also improved after today's announcement. In other words, everyone was happy that money has a chance to stay a bit
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