Losing Streak Continues for Mortgage Rates
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by Trevor Sines

Mortgage rates moved higher for the 4th straight day today, following Fed Chair Janet Yellen’s congressional testimony.  It wasn’t that Yellen’s speech or Q&A contained any major surprises.  Rather, bond markets (which dictate rates) were simply looking for some indication of “sooner vs later” with respect to the Fed’s next rate hike.  Her comments were generally more in line with “sooner.”  Bond markets responded by quickly trading rates to higher levels, resulting in multiple “negative reprices” for mortgage lenders this morning.

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