Daily Market Update 7/12/17

Mortgage rates inched lower Tuesday following comments from Fed Chairwoman Janet Yellen indicating that the Federal Funds Rate will not have to rise “that much further” to get to a “neutral policy stance”.  Investors interpreted this to mean that there will be fewer additional rate hikes than had been expected.  Fed Chair Yellen will begin her semi-annual testimony before Congress at 10:00 AM.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.  The Fed’s Beige Book, a survey of business activity by the 12 regional Federal Reserve Banks, will be released at 2:00.

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