Mortgage Rates Take Direction from Fed Speakers
Last week consumers who were floating loans watched mortgage rates rise almost 0.25%. After touching five month lows in the previous week, better than expected economic data and corporate earnings reports pressured prices of mortgage backed securities lower which resulted in lender's raising the par 30 year mortgage rate to 4.875% (at best) . To remind readers, as MBS prices move lower, lenders offer higher mortgage rates.
The biggest concern for higher mortgage rates in the week ahead is largely a function of the communications from the Federal Reserve. Unless the Fed openly implies they will begin raising short term interest rates in the near future, which would be a factor of an improving labor market or increased inflationary pressures, we expect mortgage rates to remain near current levels in the week ahead. …(read more)
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