Wednesday, July 25, 2018
Georgia Residential Mortgage Broker
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Mortgage Rates Higher, Then Lower After Fed Announcement yesterday.
Mortgage rates rose to new 4-year highs this morning as lenders took a defensive stance ahead of the afternoon's Fed Announcement. The caution proved to be warranted, at least at first, as bond markets reacted negatively to the first phase of Fed-related information.
Notably, the Fed Announcement itself wasn't the issue. If anything, it was moderately friendly for rates. Instead, it was the Fed's rate hike outlook (released concurrently with the policy announcement) that did the damage. But again, we're talking about underlying bond markets here. Lenders' rate sheets already reflected that damage preemptively.
When new Fed Chair Jerome Powell began his press conference half an hour later, bond markets (which underlie rates) began to improve. Just over an hour after the initial drama, bonds moved into moderately positive territory on the day and most lenders offered positively-revised rate sheets (i.e. stronger bond markets allowed mortgage lenders to drop their rates). After those reprices, the average lender returned in line with yesterday's rates (which are still pretty close to 4-year highs, but a welcome sight after this morning's offerings).
Southern Equity Mortgage Services, has been assisting clients with mortgage financing since 2005. As the owner/operator - William Curis, I'm committed to you the customer, from the start in providing accurate quotes to locking in the most competitive rate/cost and finally making sure the funds are there when you close the loan. I'm available 24/7 so call/email or text me @ 678-523-1021.
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