Mortgage Rates at 1.5 Month Highs After Fed
Mortgage rates moved higher at a moderate pace today after the Fed reiterated their intentions regarding the gradual tightening of monetary policy. That policy has been one of the key factors in historically low mortgage rates. While the Fed didn’t make any surprising moves, they did confirm some market fears. Ultimately the market movement wasn’t very big compared to what it might have been. As such, it was a pretty fair reflection of the Fed announcement.
The bigger question is what markets will do from here. Today’s weakness brings rates to 1.5 month highs officially, but they might as well be in line with Monday or Tuesday’s levels. Many lenders are right there today, and a few are even in slightly better shape. 4.25% remains the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers, with today’s weakness being seen in the form of higher closing costs.
Article Written by MATTHEW GRAHAM
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