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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

No Fed Taper

The most highly anticipated Fed meeting in years captured all the attention this week. The Fed statement caught nearly every investor by surprise, since the Fed did not begin to taper its bond purchase program. Mortgage rates swiftly dropped following the news and ended the week lower. While the vast majority of investors expected a small cut in [...] Read more

Jobs Fall Short

A lack of US military action in Syria caused investors to reverse last week's safety trade, while mixed economic data was roughly neutral. As a result, mortgage rates ended the week higher. Since Fed officials have tied future policy changes to the performance of the economy, investors have reacted strongly to incoming economic data. Nearly all of [...] Read more

Concerns About Syria

Increased concerns about the conflict in Syria caused investors to shift to safer assets this week. Mixed economic data was roughly neutral. As a result, mortgage rates ended the week a little lower. Concerns about the reported use of chemical weapons by the Syrian government and the possibility of increased US involvement has resulted in greater [...] Read more

Taper Timing

It was a volatile week for mortgage rates. The FOMC Minutes suggested that the Fed will begin to taper its bond purchases in the near future as expected, but a surprising decline in the New Home Sales data made that outcome less certain. After the offsetting influences, mortgage rates ended the week with little change. The FOMC Minutes from the [...] Read more

Taper Talk Hurts Mortgage Rates

This week, a broader consensus formed that the Fed will begin to taper its bond purchase program in September or October, and investors reacted by selling US stocks and bonds. The US economic data released this week provided little reason for the Fed to wait, and the European data showed unexpected strength. As a result, mortgage rates ended the [...] Read more

Consistent Fed Message

Following the roller coaster ride last week, this was one of the quietest weeks for mortgage rates in a very long time. While last week contained a Fed meeting, Employment report, and GDP data, there was very little significant economic news this week, and mortgage rates barely changed. In addition to a lack of major economic data, another reason [...] Read more

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