Rates Mixed Despite Positive Reaction to Fed; More Owners Think It’s Time to Sell

Mortgage rates reacted favorably to today’s Federal Reserve announcement and press conference–today’s key events. But that doesn’t mean every lender is in better shape than yesterday. The morning hours saw the bond market (which dictates rates) at weaker levels. Weaker bonds = higher rates, all other thing being equal. It wasn’t until the 2pm Fed announcement that bonds began to improve, thus opening the window for mortgage lenders to issue new rates. Unfortunately, some lenders are less prone to mid-day reprices than others. There’s also always a healthy fear of volatility in the bond market after the Fed announcement, even if bonds start out moving in a friendly direction. On a final note, the press conference with Fed Chair Powell didn’t start until 2:30pm. By the time he was done answering

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