The mortgage industry has witnessed a turbulent summer, with mortgage rates seeing intermittent highs and lows. Following the debt ceiling deal, rates had dropped slightly — this was a welcomed reprieve for many potential borrowers. However, this relief was short-lived as uncertainty in Federal Reserve’s plans have kept rates elevated.

The outcome of the debt ceiling deal has had a minor effect on mortgage rates, however it is unclear how long that effect will last. The Fed is expected to continue to tinker with rates and other economic tools. As a result, there is an air of uncertainty and this is having a knock-on effect on mortgage rate activity. There is a continued lack of clarity in the mortgage industry, with lenders unable to get a good sense of the future for mortgage rates.

Important elements in the text:
• Debt Ceiling Deal – Agreement that increased the debt limit and reopened the government
• Mortgage Rates – Decreased slightly after the Debt Ceiling Deal, unsteady since
• Fed – Continues to experiment with rates and economic tools
• Lenders – Poor sense of future for Mortgage Rates, uncertainty

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