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Rates Recover Modestly, But Uncertainty Remains Ahead of Fed Day

Rates Recover Modestly, But Uncertainty Remains Ahead of Fed Day

Mortgage rates closed out their worst week since 2016 on Friday as the bond market underwent a classic correction after its best month since 2011. The bigger and more sustained a drop in rates, the bigger the potential correction. There were, however, some actual market fundamentals underpinning the rate spike. Some investors are worried that central banks (like the Fed) are starting to think about the current rate cut cycle as shallow and temporary. While that would bode well for the economy, it's not a pleasant thought for longer-term rates (which have already priced in at least 2 more Fed rate cuts in the next few months). In other words, mortgage rates won't care in the slightest when and if the Fed cuts rates this Wednesday. The Fed's outlook on future rate cuts and on its policy stance
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