Mortgage Rates Improve, Awaiting Fed Policy Announcement
Mortgage rates have been following their recent trend of minor changes as of Tuesday, with different lenders moving in different directions but remaining more or less unchanged. However, more lenders were seeing improvements on Tuesday.
This improvement can be attributed to the economic data released on Tuesday morning. The Durable Goods report was weaker than anticipated, and weak economic data has a tendency to be beneficial to bond markets and detrimental to stocks. Meanwhile, with Wednesday bringing the Fed’s policy announcement, we can expect further unified developments in the mortgage loan market. The Fed always has a strong impact on trading levels, and there is a lot of potential for great volatility in the coming days.