MBS MID-DAY: Still Sideways With Just Over An Hour Left Before Fed

Posted To: MBS Commentary

You've come a long way, baby. I don't remember when we first started incessantly focusing on the September Fed meeting as the deciding factor in the fate of humanity , but it's been at least since the last Fed meeting (so well over a month). Now there's just over an hour left before the thing itself, and markets are staying true to their flat, consolidating range gameplan. There's nothing left to do but watch and wait--unless, of course, you have loans to lock, in which case it's good to keep Fed Day idiosyncrasies in mind. To wit, it's not uncommon for several lenders to completely turn off rate locks at or before 2pm, regardless of market movement. If your lender hasn't done so already, and if you're not interested in floating through the Fed volatility...(read more)

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