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MARKET RATES
Mortgage Interest Rates remain at the same levels as a week ago, but there were some swings in rate pricing in the middle.
Tuesday April 16th, MBS trading down -23 bps (rates worsen)
Wednesday April 17th, MBS trading up +49 bps (rates get better)
Thursday April 18th, MBS trading down -33 bps (rates worsen)
After the dust cleared, mortgage interest rates remain very similar to where they were last week.
Jerome Powell spoke last week and stated that inflation wasn’t moving in the direction that the FED wanted, thus we are likely to see the existing monetary policy of higher rates for longer remain in place.
On another note, the FED’s policy is causing high yield savings accounts and short term treasuries to get much higher returns. If you are keeping large amounts of money in your regular accounts with very low interest, you could put your reserves in a high yield savings or 30 day treasury and still have access to your money relatively quickly if an unexpected expense occurs.
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