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Rates Jump After Fed Announcement; Mortgage Apps Back to Reality; Disaster Policy Updates

Rates Jump After Fed Announcement; Mortgage Apps Back to Reality; Disaster Policy Updates

Mortgage rates moved quickly higher after today's Fed Announcement. While the Fed was, by no means, expected to hike rates in October, there was a risk that the statement would introduce some verbiage that opened the door for a rate hike in December. Those of us that saw this verbiage change as a possibility figured it would be a clear warning about where the Fed's collective minds were. Reason being: the recent economic data hasn't really justified any acceleration in the rate hike timeline, so if the Fed STILL insisted on alluding to a December hike, we'd know they were fairly serious about it. Many market participants agreed--having pushed out bets on the first rate hike to March of 2016 due to the recently downbeat economic data. They figured there was little chance that the Fed would be
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