Mortgage rates began the day decidedly lower than yesterday, but most lenders ended up revising rates higher in the mid-morning hours due to bond market weakness. Investors remained on edge heading into the release of the Minutes from the Fed's most recent meeting. Markets were generally prepared for the Fed Minutes to support recent Fed comments regarding faster rate hikes and a reduction the Fed's balance sheet. By continuing to reinvest proceeds from its balance sheet, the Fed is helping to keep mortgage rates much lower than they otherwise would be. The Minutes ended up being slightly less threatening than expected. Bonds consequently improved . Several mortgage lenders have offered rate sheet improvements as a result. If bond market levels were to hold here through tomorrow morning, the

February 22, 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 Feb 22, 2017 Mortgage Rates Slightly Lower After Fed Minutes Wed, Feb 22, 2017 3:56PM Mortgage rates began the day decidedly lower than yesterday, but most lenders ended up revising rates higher in the mid-morning hours due to bond market weakness. Investors remained on edge heading into the release of the Minutes from the Fed's most recent meeting. Markets were generally prepared for the Fed Minutes to support recent Fed comments regarding faster rate hikes and a reduction the Fed's balance sheet. By continuing to reinvest proceeds from its balance sheet, the Fed is helping to keep mortgage rates much lower than they otherwise would be. The Minutes ended up being slightly less... (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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Day Ahead: FOMC Minutes (What Are Those Again?) Wed, Feb 22, 2017 8:45AM Today brings a calendar item that contains the letters "FOMC."  That's typically a big deal.  While it could also be a big deal today, the "FOMC Minutes" are more hit and miss when it comes to market movement. So what are the FOMC Minutes?   It's common to mistake these as the "Fed Announcement," but the two are very different.  The "a... (read more) MBS Live Recap: Bonds Recover Despite Another Record Day For Stocks Tue, Feb 21, 2017 4:56PM Bonds came back from their 3-day weekend in weaker territory to start the overnight session.  Losses were mild at first, and then became moderate after stronger European economic data.  European bonds unsurprisingly saw the bigger share... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 6:59AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.060 +0.021 30 YR Treasury 4.718 +0.028 Pricing as of: 9/9 6:59AM EST Other News Existing Home Sales and Prices Surge Despite Rate Increases Wed, Feb 22, 2017 11:01AM Existing home sales kicked off 2017 with a spurt that brought sales of single family homes, townhomes, condos, and cooperative apartments to the fastest pace in nearly a decade . The National Association of Realtors® (NAR) said January sales were up 3.23 percent from December to a seasonally adjusted annual rate of 5.69 million units. At the same time, D... (read more) Refinance Apps Share Keeps Pushing Post-Crisis Lows Wed, Feb 22, 2017 8:25AM Mortgage applications activity was down slightly during the week ended February 17 compared to the previous week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was down 2.0 percent on a seasonally adjusted basis although it was 1 percent higher on a non-adjusted basis. The Refinance Index fell a mode... (read more) Fannie/Freddie Legal News Not Helping Stockholders; Training and Events Wed, Feb 22, 2017 1:37PM Are you lending in areas where LOs are receiving more calls from recruiters than they are from real estate agents? Let’s hope not. But here’s something else that’s going on: a blockchain project for syndicated loans is in the works . The R3 consortium of major financial institutions plans to unveil a blockchain-based ledger for syndicated l... (read more) Latest Video I didn't hear 'balance' or 'sheet': DiMartino Fed: Rate increase could come 'fairly soon' Futures Now: Bond market's next move Around the Web builderonline.com Listing Shortage: California House Hunters Face 10% Fewer Choices Reuters Many Fed policymakers said rate hike may come 'fairly soon': minutes Redfin 50 Ways House Hunters Can Get Ready for Homebuying Season Federal Reserve Minutes of the Federal Open Market Committee, January 31-February 1, 2017 Market Watch Capitol Report: Realtors criticize Fannie, Freddie moves they say limit inventories Redfin Nearly Half of Minority Homebuyers in a 2016 Housing Market Survey Felt They May Have Been Discriminated Against When Trying to Buy a Home CNBC Shares of Toll Brothers jump after earnings, revenue beat Calculated Risk Blog AIA: Architecture Billings Index decreased in January Reuters Existing home sales hit 10-year high in January NAHB Eye on Housing Small Gains for Single-Family Built-for-Rent Construction Bloomberg Why Trump's Immigration Crackdown Could Sink US Home Prices Bloomberg Fed's Williams Says Historically Low Interest Rates Will Persist Market Watch March, May or June? Fed minutes may hold clues on timing of next interest-rate hike

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