Single Investor Crashes Mortgage Credit Availability Index; 3rd Straight Day of Steady Rates. 4th Unlikely
Mortgage rates were generally unchanged for the 3rd day in a row today despite a fair amount of movement in underlying bond markets. Rates reacted to European Central Bank (ECB) President Mario Draghi who gave no indications that the ECB would make abrupt changes to its policies. That's good for rates because even though those policies are on track to begin winding down in September, they're currently fairly rate friendly. What does Europe have to do with rates in the US? That's a fair question. To be sure, central bank policy coming from our own Federal Reserve ("The Fed") tends to have much more impact on domestic rates, but the ECB and other major central banks still matter . After all, if policies are pushing rates down in Europe, it makes US rates that much more attractive, comparatively
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