Wednesday, February 8, 2023 10:19 am

[ANALYSIS] Mortgage rates burp during Fed chair’s testimony

RE ArtBy Matthew Graham | Mortgage News Daily

Mortgage rates moved slightly higher again Tuesday.  Fed Chair Janet Yellen provided her semi-annual testimony to the Senate Banking Committee . The financial markets that underlie mortgage rates saw quite a bit of volatility during the testimony, but it ultimately canceled itself out.  This left the secondary mortgage market in roughly the same position as it was earlier in the morning.  Unfortunately, that position was a bit weaker than yesterday’s latest levels which were, themselves, the weakest of the day.

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