today August 21 Market Wrap

Mortgage rates rose moderately following today's release of Minutes from the July 31st FOMC Meeting.  There was no meaningful new information, but there was also nothing to challenge the notion that the Fed would move any less quickly to reduce the pace of asset purchases--widely expected on September 18th.  Had such a challenge been seen, rates may have benefited today.  As it stands, they've risen back in line with Monday's levels.  Some lenders are slightly worse, and a small majority slightly better.  All are close to their highest levels in more than 2 years.  Conventional 30yr Fixed quotes (best-execution) are centered on 4.75%.