Rates Little-Changed After Fed; Multi-Family Saps Housing Starts; Mortgage Apps Rise as Prices Hit Record

Rates Little-Changed After Fed; Multi-Family Saps Housing Starts; Mortgage Apps Rise as Prices Hit Record

Mortgage rates were just slightly higher today, keeping them in a holding pattern just shy of 4-month highs. This after an abrupt move higher from 6-month lows that began in late October after the Fed Announcement alluded to a December rate hike. Although mortgage rates aren't directly tied to the Fed Funds Rate, most rates tend to move higher as the likelihood of a Fed hike increases. Today brought the 'Minutes' from the Fed's October meeting (the one that catalyzed the big move higher for rates). The Minutes give the Fed an opportunity to convey a more detailed account of the discussion that led to the official policy statement released at the end of the meeting. This is done in the spirit of transparency, depending on your point of view. Some would say it gives the Fed a chance to manage