Mortgage Rates eased just a bit more today, marking the 4th day of relative stability after a sharp rise last Thursday.  Although there was a Fed announcement today, and although Fed announcements are typically capable of causing massive market movement, it was a relative non-event this time around.  Instead, the modestly positive interest rate environment came courtesy of ongoing uncertainty surrounding the presidential election.

Of course the Fed announcement very easily could have caused a big move in rates, had it contained any significant surprises.  For instance, if the Fed opted to raise rates today, or to firmly comment on a potential December rate hike, things could have been different.  Instead, they made only small changes--the kind that could be used by either side to argue the odds of a rate hike next month.  

With the possible exception of Friday's jobs report, bond markets (which dictate rate movement) will continue focusing on the election.