Mortgage rates managed to maintain the improvement seen since Wednesday's Fed announcement. While the Fed did indeed hike its policy rate, the hike was widely expected and had already been accounted for in longer-term bond markets (like those that dictate mortgage rates). The easiest way to understand this is to consider that most bond market securities (like Treasuries and Mortgage-Backed-Securities) can move/change every millisecond of every business day. The Fed Funds rates, on the other hand, only changes/moves at the end of scheduled Fed meetings 8 times a year . If bond markets are reasonably confident the Fed is going to hike rates, they can begin trading accordingly well in advance. That exact scenario played out over the past month and accounts for much of the move higher in rates

March 17, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Mar 17, 2017 Mortgage Rates Steady to Slightly Lower Fri, Mar 17, 2017 2:56PM Mortgage rates managed to maintain the improvement seen since Wednesday's Fed announcement. While the Fed did indeed hike its policy rate, the hike was widely expected and had already been accounted for in longer-term bond markets (like those that dictate mortgage rates). The easiest way to understand this is to consider that most bond market securities (like Treasuries and Mortgage-Backed-Securities) can move/change every millisecond of every business day. The Fed Funds rates, on the other hand, only changes/moves at the end of scheduled Fed meetings 8 times a year . If bond markets are reaso... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.25 -0.03   97.47 101.61 UMBS 30YR 6.0 102.49 -0.04   99.66 102.50 10 YR Treasury 4.049 +0.010   3.621 4.780 MBS Live Day Ahead: Checking in With European Bonds. Who's Leading Whom? Fri, Mar 17, 2017 8:53AM Happy St. Patrick's Day.   Now that you're thinking about a country in Europe, let's talk about European bonds for a moment.  US and European bonds have had an on-again/off-again relationship since at least 2010 when the European syste... (read more) MBS Price Change UMBS 5.0 99.73 -0.04 UMBS 5.5 101.26 -0.03 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.04 -0.03 GNMA 5.5 101.20 +0.02 GNMA 6.0 102.14 -0.04 Pricing as of: 9/8 11:40PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.009 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.775 +0.006 10 YR Treasury 4.047 +0.008 30 YR Treasury 4.700 +0.010 Pricing as of: 9/8 11:40PM EST Other News How FHA is Driving Conventional Refi Demand, Even as Rates Rise Fri, Mar 17, 2017 10:31AM FHA's mortgage share, which surged following the housing crisis and helped shore up the market, is now in a steady decline. However, the loans written during that period of high volume may become, in a round-about way, good news for conventional mortgage refinancing. Sam Khater, CoreLogic's Deputy Chief Economist, writes in the company's Insights blog that F... (read more) Urban Institute Fires Back at OIG Down Payment Assistance Report Fri, Mar 17, 2017 10:58AM Earlier this month, Office of Inspector General (OIG) for the Department of Housing and Urban Development (HUD) submitted a report to the agency claiming it had " Failed to adequately oversee FHA-Insured loans with Borrower Financed Downpayment Assistance." Now the Urban Institute (UI) has responded, calling the OIG criticism "perplexing." Apparently, this i... (read more) Purchase Share Jumps; Average FICO Down 11 Points -Ellie Mae Thu, Mar 16, 2017 10:09PM Home purchase loans jumped to a 57 percent share of all mortgage originations in February, up from 53 percent in January. Data from the latest Ellie Mae Origination Insight Report indicate while this share is up by 5 percentage points from the previous February, it remains well below the recent high for purchase mortgages of 65 percent in June 2016. Ellie Ma... (read more) New Credit Report Criteria Questions and Considerations; Telephone Usage in Underwriting? Fri, Mar 17, 2017 9:03AM The Fed reported US household net worth (total asset value minus total liability value) jumped to a record $92.8 trillion in Q4 driven by stock market strength and higher home prices. Some will argue that neither directly help most Millennials. Lenders are very attuned to net worth and income, so this caught my eye: tongues are wagging about how USA Hockey p... (read more) Latest Video What BlackRock sees as a big risk for bonds Suffering from 'unacceptably high cumulative cost of regulation': Pro Fed's Kashkari explains dissent on rate hike Around the Web CNBC Shopping for a home? You better act fast Freddie Mac Freddie Mac Sells $667 Million NPLs Bloomberg As Yellen Complains of 'Noisy' GDP, the Fed Makes a Racket National Housing Conference Digging deep into who struggles to afford housing in your region CNBC Consumer sentiment hits 97.6 in March, vs. 97 estimate Reuters Fed's Kashkari wants plan on balance sheet before any more rate hikes CNBC Op-Ed: Why the bond market sell-off is over NPR Why Eliminating Government Agencies Is A Lot Easier Said Than Done CNBC US factory production rose for 6th straight month Bloomberg Job Surge Fuels Bidding Wars for Record-Low Supply of US Homes NAR - Realtor.com Trump Proposes $6.2B HUD Cut. What Impact Will It Have on U.S. Cities? CFPB Monitor Lawmaker seeks CFPB fair lending investigation of fintech small business lenders CNBC HUD Sec Ben Carson champions program Trump budget aims to kill

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