After years of quantitative easing, the Federal Reserve is estimated to own $1.75 trillion in agency mortgage-backed securities (MBS). The securities are issued by Freddie Mac and Fannie Mae (the GSEs), backed by conventional mortgages they aggregate and guarantee, and Ginnie Mae, which does the same for mortgages issued with FHA and VA guarantees. The Fed has been buying agency securities since 2009, moving to keep money flowing into the troubled residential housing finance system. Even after it stopped putting new money into MBS the Fed continued to reinvest funds in the securities as old issues matured or were paid down. The Fed has always said it would not stop its reinvesting until interest rates began to rise. Its Open Market Committee (FOMC) has now raised the fed funds rate three times

May 4, 2017 Download our Mobile App: Download our Mobile App: Housing News How Fed Exits MBS Ownership Could be Key to Affordability After years of quantitative easing, the Federal Reserve is estimated to own $1.75 trillion in agency mortgage-backed securities (MBS). The securities are issued by Freddie Mac and Fannie Mae (the GSEs), backed by conventional mortgages they aggregate... (read more) Mortgage Rate Watch Fed Statement Erases Morning Mortgage Rate Gains Mortgage rates ended the day relatively close to ' unchanged ,' depending on the lender. That's somewhat surprising considering the presence of several big-ticket events on today's calendar of potential market movers. Chief among these was the most r... (read more) Housing News Credit Accessibility Dips Slightly There was a very slight downward change in the availability of mortgage credit last month, driven primarily by on ongoing slippage in the availability of conforming loans. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability I... (read more) MBS Commentary MBS Live Day Ahead: Bonds May Be Taking a Lead-Off For Their Next Move I frequently use the lead-off analogy to characterize financial markets' propensity to start drifting in the direction of their next most-desired direction.  Defining "most-desired" is tricky business because it can often be the case that bo... (read more) Rob Chrisman Fannie and Freddie; News in Primary and Secondary Markets May the 4th be with you! People wonder if anyone from Freddie Mac has ever actually visited Fannie’s location for an office visit. Yes! Here’s actual film footage to prove it. On a more serious note, 49 years ago today was the Kent State ... (read more) MBS Commentary MBS Live Recap: Fed Statement Not Pessimistic Enough For Some Traders Today's Fed announcement turned out to be a dud .  It's getting headline treatment here based solely on street cred.  In and of itself, it could scarcely compete with today's AM economic calendar.  Of particular interest was the Treas... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 99.91 +0.07 Price / Yield Change MBS UMBS 5.5 99.90 +0.06 UMBS 6.0 101.61 +0.04 GNMA 5.5 100.05 +0.08 GNMA 6.0 101.46 +0.05 Pricing as of: 7/3 1:43AM EST 10 Year US Treasury 4.2622 -0.0176 Price / Yield Change US Treasury 2 YR Treasury 3.772 -0.016 5 YR Treasury 3.853 -0.014 7 YR Treasury 4.041 -0.015 10 YR Treasury 4.266 -0.014 30 YR Treasury 4.791 -0.018 Pricing as of: 7/3 1:43AM EST Latest Video Health-care bill pass House vote, now moves to Senate Futures Now: Crude gets crushed AEI: A long way to go on House health-care bill vote Around the Web Calculated Risk Blog Goldman: April Payrolls Preview NAFCU CFPB seeks stakeholder feedback on mortgage servicing rule Reuters U.S. Senate passes bill to fund government through September CNBC Republican Obamacare replacement bill passes House CNN Oil prices have plunged 14% in 3 weeks CNBC GOP-led panel OKs bill to overhaul Dodd-Frank CNBC This problem costs homeowners an extra 36% CNBC Here's what we know about the health-care bill the House will vote on Thursday NAHB Eye on Housing 55+ Housing Market Index Remains in Positive Territory Despite Drop Freddie Mac Mortgage Rates Hold Steady CNBC US stock futures rise ahead of House vote on GOP health-care plan CNBC US productivity contracts in first quarter; labor costs rise Reuters U.S. trade deficit improves slightly in March

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