Mortgage Rates Slightly Lower Ahead of Fed Day

Mortgage rates continue operating in a narrow range with almost every day of the past two months falling between 6.8 and 7.0% for a top tier 30yr fixed scenario. Today’s average rate fell 0.03 after moving up 0.06 since June 12th.

This morning’s most relevant potential influence–the Retail Sales report–turned out to have a limited impact this morning.  To be fair, when rates are as stable as they have been, there’s no need to overanalyze their underlying motivations.  For those determined to do it anyway, today’s best example may have been general market anxiety surrounding war in the Middle East.

We have yet to see any huge market reaction in response to any of the geopolitical headlines, but there was a reaction that played out over the course of several hours…