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Rates Rise After Fed; Lenders Pessimistic; Application Volume Falls

Rates Rise After Fed; Lenders Pessimistic; Application Volume Falls

Mortgage rates moved higher today, following the Fed's much-anticipated policy announcement. Although the Fed changed quite a few words from the announcement's previous iteration (far more than normal), it wasn't the announcement itself that did the damage. Rather, it was the Fed members' economic projections, which include an assessment of where the Fed Funds Rate will likely be at the end of the next few years. Specifically, a few of the Fed members who'd been holding out for slightly lower rates in 2018 moved their forecasts up enough to increase the odds of a 4th rate hike by December. This was already a strong possibility, but before today, those in the "3 hike" camp had a stronger case. While the Fed's rate doesn't directly affect 30yr fixed mortgage rates, shifts in the Fed's rate hike
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