Here is exactly what yesterday's Fed rate cut did to mortgage rates: ABSOLUTELY NOTHING! No Fed rate cut (or hike) will EVER do ANYTHING directly to mortgage rates because the Fed doesn't set mortgage rates. Don't let the caps-lock fool you into thinking I'm some angry guy with a keyboard who's simply ranting for some self-serving purpose. Of all the people you'll talk to today and of all the articles you'll read on this topic, you should trust me the most. I don't say that lightly or very comfortably, for that matter. It sounds terribly cocky, but in this case, it's also terribly honest. For more than a decade, if markets are open and mortgage companies are quoting rates, I've religiously been tracking trends, patterns and plain old boring statistics. I use actual wholesale rate sheets from

September 20, 2019 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Think The Fed Cut Mortgage Rates? Think Again Here is exactly what yesterday's Fed rate cut did to mortgage rates: ABSOLUTELY NOTHING! No Fed rate cut (or hike) will EVER do ANYTHING directly to mortgage rates because the Fed doesn't set mortgage rates. Don't let the caps-lock fool you into thin... (read more) MBS Commentary MBS Live Day Ahead: Bonds Just Hoping for an Orderly Escape; Bigger Decisions on Hold In the day just passed, bonds trading was exceptionally calm in the wake of Wednesday's Fed day.  As I mentioned in the recap, it was one of the least volatile moves relative to expectations of any Fed day reaction I can remember.  The cons... (read more) Housing News Rates Move Lower for Eighth Consecutive Month, Driving Refis Thirty-year mortgage loans closed in August carried an average interest rate of 4.07 percent according to Ellie Mae's Origination Insight Report. Rates were down for the eighth consecutive month , easing back from an average of 4.18 percent in July. ... (read more) Rob Chrisman Fraud, Broker, and LO Products; Correspondent/Wholesale Changes A mile is 5,280 feet. And Central Park Tower on West 57th St. in Manhattan now stands at 1,550 feet, about a third of a mile. I mention this because it is now the tallest residential building in the world , and if you’d like to pony up $6.9 mil... (read more) Housing News Homeowner Equity Reaches All-Time High in Q2 Total home equity, not surprisingly, increased again in the second quarter of the year. CoreLogic's quarterly Homeowner Equity Insights report, which looks only at properties with one or more mortgages, puts the aggregate increase at $428 billion yea... (read more) Housing News 2018's Home Sales Slump Now Fully Erased While the increase wasn't as strong as in July, last month's existing home sales posted a second straight month of gains and, as previously, the National Association of Realtors® (NAR) credited falling interest rates. Sales of previously owned si... (read more) Mortgage Rates Think The Fed Cut Mortgage Rates? Think Again 30 Yr. Fixed Rate 6.28% -0.01% 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 15 Yr. Fixed Rate 5.65% +0.05% 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: Bonds Just Hoping for an Orderly Escape; Bigger Decisions on Hold UMBS 30YR 5.5 101.23 +0.10 MBS Price Change UMBS 5.0 99.70 +0.23 UMBS 5.5 101.25 +0.12 UMBS 6.0 102.50 +0.02 GNMA 5.0 100.07 +0.25 GNMA 5.5 101.23 +0.11 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 1:59PM EST 10 Year US Treasury 4.0618 -0.0249 US Treasury Yield Change 2 YR Treasury 3.496 -0.022 5 YR Treasury 3.576 -0.013 7 YR Treasury 3.782 -0.018 10 YR Treasury 4.057 -0.030 30 YR Treasury 4.713 -0.057 Pricing as of: 9/8 1:59PM EST Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Bloomberg Two U.S. Swing States Lost the Most Factory Jobs in Past Year CNBC Chinese trade negotiators cancel US farm visit, cut trip short Reuters Fed's Rosengren: Will worry when consumers show worry Reuters U.S. lifts tariffs on 400 Chinese products, Trump cites trade progress Calculated Risk Blog Q3 GDP Forecasts: Around 2.0% Calculated Risk Blog BLS: August Unemployment rates at New Series Lows in Alabama, Alaska, Illinois, Maine and New Jersey CNBC Fed Vice Chair Clarida says the Fed will take interest rate policy 'meeting by meeting' Reuters Fed's Rosengren says interest rate cuts are 'not costless' Calculated Risk Blog CoreLogic: 2 Million Homes with Negative Equity in Q2 2019 Reuters U.S. repo rate rises ahead of Fed repo operation Bloomberg Pimco Vice Chairman John Studzinski on Fed Policy, Negative Yielding Bonds, China Reuters U.S. House approves short-term funding measure consumerfinancemonitor.com New plot twist: CFPB agrees its structure is unconstitutional

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