Mortgage Market UpdateThe Federal Reserve kept its benchmark interest rate unchanged at yesterday's meeting, but mortgage rates initially moved higher as investors reacted to the Fed's updated outlook for the rest of the year.
While the Fed directly controls only very short-term interest rates, mortgage rates are influenced by the broader bond market and expectations for the economy. That's why mortgage rates don't always move in the same direction as the Fed's decision.
The good news: After the initial reaction, longer-term bond markets recovered much of yesterday's losses, helping mortgage rates improve from their post-announcement highs. As of today, top-tier 30-year fixed mortgage rates have recovered to around the lower-middle of the range we've seen since mid-May.
If you're thinking about buying a home or refinancing, now is a great time to review your options and stay ahead of future market changes.
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Contact me today for a personalized rate quote!Tony Nguyen | NMLS#93776
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