The average mortgage lender remained right in line with yesterday’s levels despite a bit of weakness in the bond market. Lenders who improved their rates yesterday afternoon were slightly higher. Others were slightly lower.
This is a solid outcome considering the market motivations over the past 2 days. Specifically, rates moved in concert with stocks yesterday as NVDA led a substantial sell-off. Stocks bounced back today, and have now recovered most of the damage from yesterday morning. Rates, meanwhile, haven’t followed the correction today.
The 2nd half of the week bring a higher concentration of calendar events with the potential to influence rates. At 2pm ET, the Federal Reserve releases its latest rate announcement. There is effectively no chance of a rate change at this meeting, nor is it likely the Fed would change much about the statement itself.
That leaves Powell’s 2:30pm press conference as the sole source of potential volatility in the afternoon. On that note, this is one of those Fed meetings where it wouldn’t be a surprise to see a minimal reaction even though one should never rule out a bigger reaction on a Fed day.
