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Home Prices Still Gaining, But Slowing Slightly; Mortgage Rates Snap Right Back to 4-Year Highs

Home Prices Still Gaining, But Slowing Slightly; Mortgage Rates Snap Right Back to 4-Year Highs

It was a good run for mortgage rates , relative to the rest of 2018, but after spending 3 days in a row with mild-to-moderate improvements, rates quickly snapped back to multi-year highs today. The general trend in 2018 as well as the general level of volatility deserve some of the credit. The bonds that underlie mortgage rate pricing actually aren't quite back to last week's levels. Lenders are simply quicker to adjust things for the worse when the trend has been unfriendly and when the prices of those underlying bonds have been jumping around as much as they have. The other part of the credit goes to the market's interpretation of comments made by new Federal Reserve Chair Jerome Powell, who gave his first semi-annual congressional testimony today. Powell didn't do or say anything wrong.
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