Mortgage rates began the day slightly higher . In fact, for several lenders, it was the biggest day-over-day move higher in more than 2 weeks. The key word here is "was." Things quickly changed in the mid-morning hours after Fed Chair Jerome Powell delivered his opening address at the Jackson Hole Symposium. To make a long story short, Powell's comments erred on the side of being rate-friendly . It's not that he said the Fed would stop hiking rates or stop winding down its bond buying, but he did saw that the justifications for rate hikes and the bond-buying wind-down weren't especially troubling or urgent at the moment. Markets were left with the impression that the Fed was a bit more willing to consider leveling-off its trajectory of tightening. "Tightening" is usually another word for "higher
from
http://www.mortgagenewsdaily.com/reports/newsletter/2018/8/24/3514
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