Pending Sales Pull Back; Mortgage Rates Barely Budge After Fed; Refi Demand Trickles Along Recent Lows
Mortgage rates had an exceptionally boring day despite the presence of the Fed Announcement. Major communications from the Fed (which include announcements, meeting minutes, and certain speeches) always have the potential to cause significant movement in mortgage rates. Obviously, today's didn't. That's not too surprising considering the statement was very little-changed from the previous version. Moreover, there's broad consensus among market participants that September is the earliest possible month for a Fed hike, and not even the most likely. That's all well and good, but there are plenty of similar circumstances where the Fed's chosen verbiage nonetheless causes volatility. So today is a victory in that sense, but a loss in the sense that rates didn't resume their previously positive trend
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