Mortgage rates improved today following the Federal Reserve's policy announcement and Fed Chair Powell's press conference. The Fed doesn't set mortgage rates (their policy rate applies to 1-day loans between banks whereas mortgages obviously last a lot longer). But the Fed's monetary policy stance can definitely cause volatility in the broader bond market (which DOES impact mortgages). That was the case today and the impact was positive. Markets correctly assumed that the Fed would neither hike nor cut its policy rate. That wasn't the source of inspiration. Rather, it was comments from Fed Chair Powell during his press conference. Simply put, the Fed is prepared to keep rates lower for longer in an attempt to keep inflation slightly higher than they ultimately want it to be. Their reasoning

December 11, 2019 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Improve After Fed Announcement Mortgage rates improved today following the Federal Reserve's policy announcement and Fed Chair Powell's press conference. The Fed doesn't set mortgage rates (their policy rate applies to 1-day loans between banks whereas mortgages obviously last a l... (read more) Housing News NAR Forecasts on GDP, Rate Cuts, and Probability of Recession The National Association of Realtors (NAR) used the occasion of a summit headed by Secretary of Housing and Urban Development Ben Carson to release its forecast for housing and the economy over the next year. The predictions were consensus estimates ... (read more) Housing News Everyone is Still Refinancing; FHA Refis at 3 Year High Mortgage applications activity recovered strongly during the week ended December 6 after the usual Thanksgiving week lull. The Mortgage Bankers Association (MBA) said its Market Composite Index, which measures the volume of mortgage applications, inc... (read more) Rob Chrisman Servicing Primer and Prepayment Speeds; Retention, Reno, Non-QM Products Aloha! As any servicer with borrowers in Hawai’i knows, if you’re going to ask, “Is Ms. Keihanaikukauakahihuliheekahaunaele* home?” or “Do you live on Kaalualu Waiohinu Rd.?”, you’d better be able to pronounc... (read more) Housing News Home Purchase Sentiment Rebounds to Near Record Highs After a steep dive in October, America's attitude toward buying a home is on the rise again. Positive answers to the question of whether it is a good time to buy on Fannie Mae's November National Housing Survey rose 11 percentage points to a net of 3... (read more) MBS Commentary MBS Live Recap: Fed Proves Surprisingly Capable of Intraday Inspiration We moved from NFP not mattering (and then causing a surprisingly big intraday stir) to the Fed undergoing quite a similar routine.  Granted, in the bigger picture, neither event will be memorable or have a lasting impact on rate momentum, but th... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.64 -0.20 Price / Yield Change MBS UMBS 5.5 99.64 -0.20 UMBS 6.0 101.43 -0.13 GNMA 5.5 99.86 -0.11 GNMA 6.0 101.34 -0.06 Pricing as of: 7/6 7:10PM EST 10 Year US Treasury 4.3467 +0.0669 Price / Yield Change US Treasury 2 YR Treasury 3.883 +0.095 5 YR Treasury 3.937 +0.070 7 YR Treasury 4.125 +0.068 10 YR Treasury 4.347 +0.067 30 YR Treasury 4.863 +0.055 Pricing as of: 7/6 7:10PM EST Latest Video Powell on differences between now and 1995, 1998 rate decisions Negative trend in business investment a red flag: Stifel's Piegza US-China phase one trade deal is still in the works US Consumer Price Index rose 0.3% in November, vs 0.2% increase expected Around the Web Calculated Risk Blog Houston Real Estate in November: Sales up 2% YoY, Inventory Up 5% CNBC Fed Chair Powell says he would want to see persistent rise in inflation before hiking rates again Reuters U.S. government posts $209 billion deficit in November CNBC Fed leaves rates unchanged Reuters U.S. chief executives back revised USMCA trade deal Reuters Explainer: What the U.S. Federal Reserve will be watching in 2020 Calculated Risk Blog Cleveland Fed: Key Measures Show Inflation Above 2% YoY in November, Core PCE below 2% Reuters Dow hit by losses in Boeing, Home Depot; S&P 500, Nasdaq edge higher CNBC Christine Lagarde faces her first real test at ECB debut meeting CNBC US consumer prices increase more than expected in November CNBC Home Depot forecasts 2020 sales growth below expectations Reuters After year of living dangerously, Fed likely to signal time to lay low Calculated Risk Blog Wednesday: FOMC Announcement, CPI

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