Mortgage rates hit their highest point in more than two years yesterday as weak trading levels caused rates to rise. The market continues to take a defensive stance against the possibility of the Fed reducing asset purchases. Low trading volume, uncertainty about economic policy and speculation of the next Fed Chairman nominee all add to the uncertainty and add volatility to the bond market. Today is slow economic news day with the Chicago Fed Index out at 8:30 and the Redbook out at 8:55. Most investors are waiting for the FOMC minutes to be released tomorrow.
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