Mortgage Rates Only Moderately Lower After Tech Rout

There are two distinct patterns of behavior when it comes to rates interacting with stocks.  The first could be called the "conventional wisdom" pattern, which holds that investors move money between stocks and bonds, thus creating a correlation between stock prices and rates (as investors buy more bonds, rates move lower). The second pattern is more commonly seen when there is some uncertainty about the near-term outlook for the Fed Funds Rate.  In this pattern, both stocks and bonds benefit from a friendlier Federal Reserve, thus creating an inverse relationship between stock prices and rates. Even though there is some uncertainty about the near-term Fed rate outlook and even though we have a Fed meeting coming up on Wednesday, today was all about conventional wisdom for interest