It's never fun to be wrapping up our assessment of one major economic event with the conclusion that nothing really matters until the next one. In the case of November Nonfarm Payrolls (reported on Dec 6th) and the FOMC Announcement tomorrow, however, nothing could have been more accurate. In the intervening time, we've seen no major insights from economic data. Trading levels have increasingly narrowed and volume has increasingly subsided.
This is all par for the course when it comes to mid-December in financial markets, but tomorrow is very much the opposite. There will only be one "first time in history" that the Fed has decreased the amount of open-ended bond buying that it began after 2 previous iterations ended in a completely different manner, and there's at least a 1 in 3 chance that it will be tomorrow.
Today's market activity spoke to that reality as the economic data was shunned and trading levels remained lodged firmly inside the highs and lows from the previous session. Taking the obstinance further, lenders moved rates even less than already meager adjustments suggested by the token holiday movement in MBS.
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Pricing as of 4:06 PM EST
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Live Chat Featured Comments
Bryce Schetselaar : "Say the government is trying to get out of mortgages and is consequently raising their rates"
Michael Ullmann : "First we of January we price them in because our standard lock is 60 days. I basically need to call any floaters in the next 2 weeks and explain to them something that I myself dont fully understand. MG can you create a canned voice recording and I can send it to any of my floaters"
Matthew Graham : "right on this very site JA: http://mbslive.mortgagenewsdaily.com/knowledgebase/articles/295879-spring-2014-llpa-and-amdc-changes-comparative-tab"
Jeff Anderson : "Is there a link showing the new LLPA's?"
Matthew Graham : "yep, lurking "whammy." Don't press luck."
AQ : "i would err on the side of caution re: lock time"
Christopher Stevens : "I would assume by mid january"
Michael Ullmann : "For the retail guys on here, have your companies mentioned when they will start pricing in the gfee change? I was being told we are going to start seeing them priced in first week of January."
Steven Stone : "these new LLPAs are wild"
Scott Garner : "From the looks of the new LLPA's a 740 credit score is the new subprime"