Mortgage rates were down slightly last week.

Last week was light on economic data and markets awaited the Federal Reserve Federal Open Market Committee (FOMC) meeting results today. Equity market indices continued to significantly decline all last week, while mortgage-backed securities reversed a large selloff early to end the week basically flat. Rates are moving back up today after the release of the FOMC minutes, as the Federal Reserve indicated it expects to raise the target rate for the federal funds soon given high inflation and strong labor markets. The Federal Reserve is pointing toward a more hawkish stance to address very high inflation rates and may take more aggressive action as needed. Plenty of economic data is being released later this week, covering GDP, jobless claims, and price measures.

Rates may continue to be volatile as markets analyze this data and the impact it may have on Federal Reserve actions.