Mortgage Rates Unfazed By Yellen

Posted To: Mortgage Rate Watch

Mortgage Rates were unchanged to slightly lower this morning following the much-anticipated Jackson Hole speech from Fed Chair Janet Yellen. Markets were looking for clues about upcoming rate hikes, but true to form, Yellen played things close to the vest. Underlying bond markets initially indicated higher rates due to Yellen's comment about the case for rate hikes having strengthened in recent months, but ultimately, this isn't anything markets didn't already know. As such, bonds swung back in the other direction, thus providing a drama-free backdrop for mortgage rates. Most lenders continue quoting conventional 30yr fixed rates in the 3.375-3.5% range on top tier scenarios. Rates themselves will not have changed day-over-day, but closing costs for any given rate can vary slightly. On average...(read more)

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