Mortgage rates continued higher today following the release of the Minutes from the Federal Reserve's (aka "The Fed") most recent policy meeting. The Fed was slightly more upbeat than markets expected, saying that most members agreed that a stronger economy increased the likelihood of further rate hikes. Although the Fed Funds Rate doesn't directly dictate mortgage rates, there is plenty of long-term correlation. Because the Fed only meets 8 times a year to adjust rates (and rarely adjusts rates on all 8 occasions), bond markets (which include mortgage rates) are constantly adjusting to what t... (read more)

Mortgage rates fell modestly today as underlying bond markets experienced a rare absence of volatility. Rather than view this as some sort of turning point for what has been a fairly relentless march to higher ground, these days are best seen as periodic corrections/consolidations to the prevailing trend. They are normal features of such trends and they've all been "false positives" so far in 2018 when it comes to identifying an opportunity to get more optimistic about rates moving lower. Bottom line: today is merely the day after hitting the highest rates in more than 4 years. We'd need to se... (read more)