Mortgage rates dropped like a rock today. This has absolutely nothing to do with yesterday’s Fed rate cut, a little to do with the market reaction to the verbiage in yesterday’s Fed announcement, and a lot to do with today’s new developments. Chinese officials were cited as questioning the viability of the much-touted trade deal overnight. The trade deal is important to financial markets because it’s thought to be an easy way to increase global economic growth–something that is typically bad for rates. As such, the questioning of the deal was good for rates.
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Source: mortgagenewsdaily.comNew feed