Mortgage Rate Update after Fed Minutes Released

A quick hitter today. The Federal Reserve released the minutes from their most recent meeting today along with current commentary from Fed Member James Bullard drives rates higher.

Mortgage Bonds began the day with some positive gains and we tested prices and rates seen the day of the Jobs Report from the 8th. But then the Fed Minutes and Bullard's words now driving us back down to near Nov 8th levels.

This proves a small point that streaks are made to be broken (see previous post). A few words out of a Fed Member has driven the Bond AND Stock Market into the negative today. These reactions are pretty fascinating...and by fascinating I mean ridiculous. Bond traders shrug off a report where existing home sales disappointed today...missing the target by over 3%. This drop in bond prices and rise in rates is one that will be reversed. There is still no good news floating out there other than a jobs report that may be revised next month for the worse (what I am anticipating). For now, hope you took our advice and locked two days ago. For current loans not locked, float your rate. I feel a change in sentiment coming yet this week.