August 2nd, 2019 7:40 PM by Regina Rickles, NMLS# 222362
Mortgage Rates Stay Calm Before Tomorrow's (Potential) Storm
Jul 30 2019, 4:48PM
Mortgage rates haven't moved much this week, or last week, or the week before that. In fact, for the average prospective borrower, there haven't been any major changes since first making it down to the multi-year lows in June. That said, there has been enough volatility to matter. Today wasn't a great example of that, but tomorrow or one of the two days that follows, may be.
In addition to some more significant economic reports coming out in the morning, tomorrow brings the Fed rate decision. To be fair, the Fed's decision has already been made, best anyone can tell. A 25 basis point (0.25%) rate cut is basically guaranteed. That might seem like a good thing for mortgage rates, but the benefits have already been reaped. Tomorrow's market movement depends more on the economic data and the specifics in the Fed's verbiage. There will be two opportunities for markets to digest that verbiage tomorrow, first with the announcement at 2pm and then with Fed Chair Powell's press conference at 2:30pm. We shall see !