Mortgage Rates put on quite the show today after Fed minutes announcement, resulting in the lowest rates we have seen since June 2013.
Today’s improvement was all about the Fed. Investors who trade securities that dictate mortgages, were concerned about last month’s Fed Announcement that could it justify a higher move in rates. That speculation contributed to the increases in rates seen in the first half of September.
After the 2pm release today, bonds-including the mortgage-backed-securities that dictate mortgage rates-moved to their best levels of the year. After beginning of this morning in a more conservative stance, most lenders released new rates sheets reflecting the market improvements.