First things first: the Fed cut its policy rate today, but that doesn't mean they cut mortgage rates . Why? Because they can't and they don't--especially not by a whopping 0.25% in a day (an amount that may be seen once or twice per decade when it comes to a single day's change in mortgage rates). Case in point, mortgage rates for almost any lender are almost exactly where they were yesterday. All that having been said, the Fed does SAY things that are important to the bond market that underlies rates. That verbiage can always push mortgage rates in either direction regardless of the direction that the Fed moves its own policy rate. In today's case, the Fed's verbiage was a bit friendlier than the market was prepared for. As such, both stocks and bonds improved in the afternoon. The average

October 31, 2019 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Little-Changed, But Could Improve Tomorrow First things first: the Fed cut its policy rate today, but that doesn't mean they cut mortgage rates . Why? Because they can't and they don't--especially not by a whopping 0.25% in a day (an amount that may be seen once or twice per decade when it co... (read more) Housing News Here's Why Housing Agencies' Net Worth is Surging Both of the government sponsored enterprises (GSEs) posted strong earnings in the third quarter of the year. Freddie Mac announced comprehensive income of $1.8 billion while Fannie Mae's was $4.0 billion. Freddie Mac said its income was essentially u... (read more) Rob Chrisman Capital Markets Jobs; Pricing Products; Loan Processing Survey Results Halloween already! Who wouldn’t want to live in the scary Tombstone, AZ, Sleepy Hollow, NY, Kill Devil Hills, NC, Yellville, AR, Transylvania County, NC, Slaughter Beach, DE, Casper, WY, or Scarville, IA? What is also scary for many is that the... (read more) MBS Commentary MBS Live Day Ahead: Why Chicago PMI is More Important Than PCE Inflation Chicago PMI isn't always more important that PCE inflation.  After all Core PCE is the Fed's favorite big-picture inflation reading (the thing they want to see at 2.0%) and inflation is one of the key motivations for hiking/cutting the Fed's pol... (read more) Housing News Millennial Homeownership Inches Higher The Census Bureau reports that the homeownership rate, while up fractionally in the third quarter of this year compared to Quarter 2, was essentially unchanged from one year earlier. The Bureau's Vacancies and Homeownership Report put the national ra... (read more) Housing News Originations Headed for Best Post-Recession Year Mortgage originations in 2019 appear to be headed for their best year since 2007 . Make Fratantoni, chief economist and senior vice president of the Mortgage Bankers Association (MBA) told an audience at MBA's 2019 annual convention that he expects o... (read more) Mortgage Rates Mortgage Rates Little-Changed, But Could Improve Tomorrow 30 Yr. Fixed Rate 6.29% -0.16% Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% -0.16 0.00 15 Yr. Fixed 5.60% -0.21 0.00 30 Yr. FHA 5.95% -0.08 0.00 30 Yr. Jumbo 6.25% -0.15 0.00 7/6 SOFR ARM 5.59% -0.21 0.00 30 Yr. VA 5.97% -0.08 0.00 Updates Daily - Last Update: 9/5 15 Yr. Fixed Rate 5.60% -0.21% 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 MBS / Treasuries MBS Live Day Ahead: Why Chicago PMI is More Important Than PCE Inflation UMBS 30YR 5.5 101.13 +0.32 MBS Price Change UMBS 5.0 99.47 +0.46 UMBS 5.5 101.13 +0.32 UMBS 6.0 102.48 +0.16 GNMA 5.0 99.83 +0.48 GNMA 5.5 101.13 +0.25 GNMA 6.0 102.13 +0.03 Pricing as of: 9/7 3:09AM EST 10 Year US Treasury 4.0867 -0.0711 US Treasury Yield Change 2 YR Treasury 3.517 -0.072 5 YR Treasury 3.589 -0.055 7 YR Treasury 3.800 -0.061 10 YR Treasury 4.087 -0.071 30 YR Treasury 4.770 -0.090 Pricing as of: 9/7 3:09AM EST Latest Video Central banks that have negative rates are trapped: Bleakley CIO Trump: China, US working on finding a new location to sign phase one trade ... Chicago October PMI comes in below expectations at 43.2 vs 48.5 estimated The Fed is moving into a wait-and-see phase, says former Atlanta Fed presid... Around the Web Calculated Risk Blog October Employment Preview: Take the Under Federal Reserve Agencies announce threshold for smaller loan exemption from appraisal requirements for higher-priced mortgage loans Bloomberg The Bond Trade of the Year May Be Back, All Thanks to the Fed - Bloomberg Calculated Risk Blog Q3 2019 GDP Details on Residential and Commercial Real Estate Reuters Homes destroyed, hundreds more evacuated as Los Angeles wildfires spread Reuters Trump blasts Fed after rate cut, says hurting U.S. competitiveness NAHB Eye on Housing 55+ Housing Market Ticks Back Up to Record High Calculated Risk Blog Personal Income increased 0.3% in September, Spending increased 0.2% Calculated Risk Blog Weekly Initial Unemployment Claims increased to 218,000 Bloomberg Fed Cutting Again Would Be Recession Signal: Authers' Newsletter Bloomberg Bond Market Signals Doubt Fed Has Shut Door on Further Rate Cuts Bloomberg China Doubts Long-Term Trade Deal Possible With Trump CNBC Powell says the Fed would need to see a 'really significant' rise in inflation before hiking rates

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