Mortgage rates were mixed today following the much-anticipated congressional testimony by Fed Chair Jerome Powell.  Although these testimonies are regularly scheduled events (twice a year), they can offer important insights into the evolution of thought at the Fed.  This depends on the timing of various market movements and Fed communications, of course, as well as the questions asked by Congress.

In today's case, investors were very interested to hear what Powell thought of the market's expectations for 3 rate cuts in 2019 and whether last week's strong jobs report changed anything. 

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