Mortgage Rates Higher on Fed Day, Stable Afterward

Mortgage rates continued higher this week with the key event being Wednesday's Fed Announcement. As expected the Fed officially announced the start of it's balance sheet normalization plan. This means they'll be buying fewer bonds--something that helps mortgage rates. At face value, the Fed news would be the biggest deal for rates, but traders were almost 100% certain it was going to happen. Instead, it was the Fed's rate hike forecasts that pushed rates quickly higher on Wednesday afternoon. The Fed still sees rates rising faster than most investors anticipated based on the past few months of economic data and Fed speeches. That required a quick adjustment on the part of markets, but once the adjustment was don, rates didn't move any higher on Thursday or Friday. Most borrowers are seeing

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