Navigating the rollercoaster ride of mortgage rates can be a daunting task, especially when external market forces come into play. Despite a slight dip in the bond market, the average mortgage lender managed to hold steady today. Some lenders saw an increase in rates following yesterday’s improvements, while others experienced a slight decrease.
In the midst of these fluctuations, it’s essential to understand the factors at play. Recent shifts in rates have been closely tied to stock market movements, particularly influenced by NVIDIA’s sell-off yesterday. Today, stocks displayed resilience and began to recover, a trend that didn’t carry over to mortgage rates.
Looking ahead, the latter part of the week brings a flurry of calendar events that could sway rates one way or another. The Federal Reserve’s rate announcement at 2pm ET carries significant weight, although no changes are expected at this meeting. While the Fed’s statement is unlikely to see major adjustments, all eyes will be on Powell’s press conference at 2:30pm, which has the potential to inject volatility into the market.
It’s worth noting that some Fed meetings pass by without much fanfare, but surprises are always possible, especially on Fed days. The key takeaway from this is to remain cautious and attentive, as even seemingly quiet days can spring unexpected reactions in the market. Stay informed, be prepared, and navigate the mortgage landscape with confidence.
Leave feedback about this