Mortgage Rates Near 4-Month Lows

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Posted To: Mortgage Rate Watch

Mortgage rates continued a strong move lower today as momentum continued following yesterday's Fed Announcement. While the Fed doesn't dictate mortgage rates, this particular announcement sent shockwaves through all corners of financial markets. It wasn't so much that the Fed avoided raising rates as it was the implicit commentary on the fragile state of the global economy. A weaker economic outlook tends to put downward pressure on longer term rates like 10yr Treasury yields and mortgage rates. Both yesterday and today's moves were significant . Whatever damage had been done over the past several months--whatever volatility buffers seen in lenders' rate sheets--all of it has been erased today. With the exception of only one other day at the apex of the late August market volatility, rates...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/513020.aspx

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