Mortgage Rates Edge Higher, Then Lower

Mortgage rates began the day slightly higher.  In fact, for several lenders, it was the biggest day-over-day move higher in more than 2 weeks.  The key word here is “was.”  Things quickly changed in the mid-morning hours after Fed Chair Jerome Powell delivered his opening address at the Jackson Hole Symposium. 
To make a long story short, Powell’s comments erred on the side of being rate-friendly.  It’s not that he said the Fed would stop hiking rates or stop winding down its bond buying, but he did saw that the justifications for rate hikes and the bond-buying wind-down weren’t especially troubling or urgent at the moment.  …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed