Today is Fed day – the day the mortgage market hates! Why you ask? On Fed day they release the Fed minutes from the last meeting and historically, the Bond market never reacts well to the news, but maybe today will be better?
After listening to Janet Yellen speak after the meeting and how her comments sent both the Bond and Stock market into a huge sell off, having a hard time believing the notes today do any good to mortgage rates today.
But we also have a 10 year note auction today and if that goes well – might help negate any bad news from the Fed notes released today at 2pm.
Have a thought about all this? What do mortgage rates do – up or down later today?