Daily Market Update 3/21/14

Mortgage rates were little changed Friday in quiet trading as investors continued assessing remarks by Fed Chair Janet Yellen following Wednesday’s press conference.  Rates have moved about 0.25% higher over the past week.  Ms. Yellen’s comments implied the Fed might begin raising rates early next year, which is about six months sooner than anticipated.  However, the Fed’s actions remain contingent upon the performance of the economy, and much can change in a year.  In other words, investors may have initially overreacted, and it is possible that rates will move lower over the coming week.  No key economic data will be released today.

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