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Rates Hit 4-Month Highs; Homeownership Pessimism Might be Overdone; CFPB/PHH News and Analysis

Rates Hit 4-Month Highs; Homeownership Pessimism Might be Overdone; CFPB/PHH News and Analysis

In and of itself, today wasn't too bad of a day. Mortgage Rates were only slightly higher, and were generally unfazed by the release of the Minutes from the most recent Fed meeting. Market participants were concerned about the Minutes making a clearer case for a rate hike at the next meeting. Ultimately, the Minutes didn't tell us anything we didn't already know and bond markets (which dictate mortgage rates) improved. Now for the unfortunate aspects of the day! When we consider today in the context of the past 9 days, we see that it prolongs a depressingly long losing streak. Mortgage rates haven't moved lower since September 27th. Moreover, they're roughly a quarter point higher since then! As for today's bond market improvements, they were merely enough to get bonds back near yesterday's
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