Posted To: Mortgage Rate Watch
Mortgage rates were unchanged again today, making three out of the past 4 days where rates haven’t budged and 6 out of the past 7 days where rates moved by 0.01% or less, on average. That’s an exceptionally narrow range, and it speaks to indecision in financial markets ahead of this week’s major central bank announcements. That’s where the Fed and the Bank of Japan give the official word on their monetary policy, which includes setting short term rates and spelling out various stimulus efforts. The Fed isn’t expected to hike rates this week, but chances increase as the year progresses. As such, it wouldn’t be a surprise to see this week’s announcement telegraph their intentions for the coming announcements. Although the Fed’s policy rate does not directly control mortgage rates, there is typically…(read more )