Mortgage Rates Relatively Unchanged After Fed Announcement

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Posted To: Mortgage Rate Watch

Mortgage rates were steady to slightly higher on Wednesday despite a big increase in the amount of economic data and events from the first two days of the week. Although the periodic policy statements released by the FOMC ("The Fed") can have a significant impact on mortgage rates, that was certainly not the case today as markets in general remained largely unchanged after the announcement. The economic reports from the morning hours as well as an auction of 5yr Treasury Notes were similarly underwhelming. For the most part, the movement in rates from a day-over-day perspective occurred mostly in the overnight hours during Asian and European trading. The secondary mortgage market moved inside a narrow range all day long after opening at slightly weaker levels. When prices of mortgage-backed...(read more)

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