Mortgage rates were essentially unchanged Wednesday ahead of tomorrow’s ECB meeting and Friday’s Employment Report. This morning, second quarter Productivity was revised higher to 2.2%, above the consensus forecast of 1.8%. Last Friday the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, announced it will raise guarantee fees by an average of 10 basis points on November 1 for loans sold to the two agencies. This is the third such increase, designed to shore up the finances of Fan and Fred, while bringing Agency rates more in line with “the level one might expect to see if mortgage credit risk was borne solely by private capital”, according to FHFA Director Edward DeMarco. Bottom line: All else being equal, mortgage rates will increase November 1. If you haven’t already refinanced because you’re waiting for rates to move lower, you may want to rethink that strategy. No other key data will be released today.