Wednesday, August 01, 2018

Mortgage Rates at 2 Month High

by Bill McBride on 8/01/2018 07:05:00 PM

Mortgage rates have mostly been moving sideways recently …

From Matthew Graham at Mortgage News Daily: Mortgage Rates Higher, But Not Because Of The Fed

Mortgage rates were slightly higher today, but not because of the Fed. Today brought a Fed policy announcement which can be quite a big deal for rates, depending on the particulars. This time around, those particulars were almost exactly the same as the previous Fed statement. Investors will sometimes read some significance into such an absence of change, but that wasn't a factor today. Of far greater importance to rates was an update from the Treasury department that spelled out near-term borrowing plans.

both 10yr yields and mortgage rates hit their highest levels in more than 2 months today. That said, the move was more apparent in Treasuries. Mortgage rates just moved back up to Monday's levels, for the most part (which were 2-month highs at the time). [30YR FIXED - 4.625-4.75%]
emphasis added