Mortgage Rates Sideways ahead of Fed

Posted To: Mortgage Rate Watch

Mortgage rates remained in line with their highest levels in a month for the third straight day . The average lender is now quoting conventional 30yr fixed rates of 3.75% on top tier scenarios. Earlier this month, stronger lenders were as low as 3.5%, and the average had been 3.625% until late last week. Unlike yesterday, there were several economic reports today. Frustratingly enough, the two biggest reports were both weaker--something that would normally push rates lower--but investors opted instead to brace for the unknown impact from tomorrow's Fed Announcement. The Fed is not expected to hike rates at this meeting, but they may use it as a venue to telegraph a June rate hike (much like they used the October Announcement to presage December's hike). Either way, market participants will...(read more)

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