Mortgage Rates Making a Positive Move in the Past Few Hours
Mortgage rates were moving sideways this morning, but in the last
few hours, we have seen some positive movement in regards to the rates.
The Federal Reserve Open Market Committee started two days of meetings today that will culminate with their interest rate decision and policy statement. This session does not have a live press conference with Janet Yellen nor the release of their "dot plot chart." Overall, the FOMC Governors and District Presidents have been relatively "hawkish" as collectively they are telling the markets that two more rate hikes AND a tapering of MBS purchases in the 4th Qtr are what they expect unless the economy tanks between now and the end of the year. But the market is not buying any of it with a zero percent chance of a rate hike priced in for this week's meeting and only a 50/50 shot of a hike at June's meeting.
Paychex said national hourly earnings for the month were $25.67, increasing 2.73 percent, or 68 cents, from last year. Weekly earnings were up 2.92 percent from last year.
It looks like another day where mortgage rates will move sideways. Short of an unexpected geopolitical event, mortgage rates should move sideways until tomorrow's FOMC announcement.
The Federal Reserve Open Market Committee started two days of meetings today that will culminate with their interest rate decision and policy statement. This session does not have a live press conference with Janet Yellen nor the release of their "dot plot chart." Overall, the FOMC Governors and District Presidents have been relatively "hawkish" as collectively they are telling the markets that two more rate hikes AND a tapering of MBS purchases in the 4th Qtr are what they expect unless the economy tanks between now and the end of the year. But the market is not buying any of it with a zero percent chance of a rate hike priced in for this week's meeting and only a 50/50 shot of a hike at June's meeting.
Paychex said national hourly earnings for the month were $25.67, increasing 2.73 percent, or 68 cents, from last year. Weekly earnings were up 2.92 percent from last year.
It looks like another day where mortgage rates will move sideways. Short of an unexpected geopolitical event, mortgage rates should move sideways until tomorrow's FOMC announcement.
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