As global investors react to China's devaluation of the yuan, forecasters, mortgage analysts and fortune tellers are looking into their crystal balls trying to guess what that might mean for interest rates.
The China Backstory
China is in the middle of a months-long stock market crash. Even the carefully controlled Chinese media called this past Monday "Black Monday." In an effort to make goods cheaper and increase spending on Chinese goods, the government devalued the yuan sending global markets on a roller coaster ride.
The Fed Backstory
In July due to an improved US economy the Federal Reserve announced they would likely increase interested rates this September. It's been over 9 years since the Fed has raised rates. To put that in…