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Fed Minutes Reveal Split

Once again, the biggest influence on mortgage rates was shifting sentiment about future Fed policy. The Fed Minutes and statements from Fed officials caused investors to move forward their expected timing for scaling back the bond purchase program. As a result, mortgage rates ended the week a little higher. The Minutes from the October 30 Fed [...] Read more

Dovish Statements from Yellen

During a light week for economic data, the biggest influence on mortgage rates was testimony from Janet Yellen. Yellen, the nominee to be the next Fed Chief, revealed strong support for the Fed's bond buying program. This news helped mortgage rates end the week lower. Janet Yellen testified this week at her confirmation hearing to replace Ben [...] Read more

Job Gains Surge

Investors, highly focused on the economic data, had a lot to consider this week. The Economic Calendar was packed, and nearly all the major reports exceeded expectations. Stronger economic growth is negative for mortgage rates, and rates ended the week higher. A shockingly strong Employment report caused a swift increase in mortgage rates on [...] Read more

Manufacturing Activity Improves

It was a relatively quiet week for mortgage rates. A slightly more bullish economic outlook from the Fed and stronger than expected manufacturing data were the main influences this week. Good news for the economy is negative for mortgage rates, however, and rates ended the week a little higher. As widely expected, there was no change in Fed policy [...] Read more

Jobs Fall Short

With the end of the government shutdown, investors turned their attention to the economic data. The September Employment report was weaker than expected, while the rest of the data released this week was mixed. As a result, mortgage rates ended the week a little lower. Delayed by the shutdown, the September Employment data was released on Tuesday. [...] Read more

Congress Reaches Deal

Congress approved a deal on Wednesday to raise the debt ceiling and to fund the government for a few months. The news lifted both stocks and bonds. The S&P 500 index reached an all-time high. Mortgage rates also improved nicely after the deal was reported. The deal extends the government's borrowing authority until February 7, removing the [...] Read more

Progress in Congress

With government produced economic reports postponed by the shutdown, the budget and debt ceiling discussions in Congress dominated the economic news again this week. The gridlock in Washington and the signs of progress have caused large movements in the stock market, but the impact on mortgage rates has been much more limited, and mortgage rates [...] Read more

Focus is on Congress

The lack of progress in Congress on reaching an agreement on the budget and the debt ceiling was the focus for investors this week. The resulting uncertainty caused investors to shift to safer assets, which helped mortgage rates end the week lower. After a week filled with market moving comments from Congressional leaders, the Republicans and the [...] Read more

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