Mortgage Report: Week of April 16th - 22nd
Last weeks market was active as the Fed's minutes from the past meeting were released. The minutes give all the commentary between voting and non-voting members before the official statement is released to the public as their "Policy Statement". The Fed delays the release intentionally so the market has time to digest the policy statement before it trys to interpret the banter among members.
The decision to leave Fed Funds Rate unchanged in the latest policy statement was a result of the members being concerned with inflation. Bonds didn't like the inflationary comments and reacted negatively with home loans increasing by .125%.
This week the Consumer Price Index is being released and its numbers will tell the Fed if there is inflation on the consumer level. If the CPI number comes out under 2.7% this will show inflation is under control and home loan rates may improve. If the number is above that 2.7% watermark home loan rates will most likely move higher.
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Best,
Steven
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