Mortgage Rates were briefly at their highest levels in several weeks on Friday afternoon. This followed comments from the Fed's Jackson Hole symposium. Markets interpreted those comments as the Fed being more likely to hike rates in 2016--possibly even twice! While mortgage rates are based on MBS (mortgage-backed-securities), as opposed to the Fed Funds Rate (the thing the Fed is talking about hiking), if investors think the Fed is more likely to hike, MBS tend to lose some ground. Friday was made all the more "spooky" by the fact that much of the drama was transpiring in the afternoon on a summertime Friday. That may not sound too spooky , but for investors who are used to having lots of other investors to trade/buy/sell with, the comparative ghost town of a summertime Friday afternoon can
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