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Mortgage Rates Near Recent Lows After Fed Minutes; Loan Closing Rate Highest in 4 Years; HELOCs Making a Comeback

Mortgage Rates Near Recent Lows After Fed Minutes; Loan Closing Rate Highest in 4 Years; HELOCs Making a Comeback

Mortgage rates dropped today --largely in response to the release of the Minutes from the most recent Fed meeting. The Minutes don't convey any policy decisions (i.e. no rate changes or bond-buying announcements). Rather, they serve as a more detailed recap of the Fed's 2-day discussion leading up to the official policy decision 3 weeks earlier. In this case, that was the July 28-29th meeting. At the time, the policy announcement on the 29th wasn't too friendly for rates. So there was some cause for concern that today's more detailed recap would expound on the Fed's seemingly firm resolve to raise rates. (As a quick aside, when we talk about the Fed "raising rates," we're referring to the Fed Funds Rate, which doesn't always move in the same direction as mortgage rates, though that tends to
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