Mortgage Rates Edge Higher Again Despite Boring Fed Minutes
Mortgage rates haven’t been skyrocketing, by any means, but they have been moving up in fits and starts over the past 2 weeks. Today was just another page in that story despite a relatively friendly reaction to the Fed Minutes.
What are the Fed Minutes? Well may you ask! If you’re familiar with the notion of “meeting minutes,” that’s basically what we’re dealing with. In the Fed’s case, the minutes offer a robust recap of the discussion that takes place during the Fed policy meetings. These can be extraordinarily important events for financial markets–especially the bond side of the market (bonds dictate interest rates, including those for mortgages).
Even though the most recent Fed meeting was 3 weeks ago, traders are nonetheless anxious for any clues about future Fed decisions. In today’s case, the anxiety played out in the form of bond market weakness ahead of the Minutes (weaker bonds imply higher rates) followed by a recovery after the Minutes proved to be fairly boring.
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