Mortgage rates fell at their fastest pace of the year following today's rate hike announcement from the Fed. If you're wondering why mortgage rates fell while the Fed's rate moved up, you're not alone. Fortunately, the explanation is simple. Financial markets had already fully accounted for the chance that the Fed would hike rates today. They'd even gone a step further an begun to account for a faster pace of future rate hikes. And it was that future outlook that allowed for our pleasant surprise. As it turns out, the median forecast among Fed members didn't see the Fed Funds rate ending the year any higher than the previous batch of forecasts (both for 2017 AND 2018). While there was no way to know exactly how much markets had prepared for the forecasts to move higher, it was certainly more

March 16, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Mar 16, 2017 Biggest Intraday Drop of the Year For Mortgage Rates Wed, Mar 15, 2017 4:43PM Mortgage rates fell at their fastest pace of the year following today's rate hike announcement from the Fed. If you're wondering why mortgage rates fell while the Fed's rate moved up, you're not alone. Fortunately, the explanation is simple. Financial markets had already fully accounted for the chance that the Fed would hike rates today. They'd even gone a step further an begun to account for a faster pace of future rate hikes. And it was that future outlook that allowed for our pleasant surprise. As it turns out, the median forecast among Fed members didn't see the Fed Funds rate ending the y... (read more) Mortgage Rates are Actually NOT at 2017 Highs Thu, Mar 16, 2017 1:12PM Mortgage rates are right in line with yesterday's levels, and yesterday saw rates fall at the fastest pace of the year, ultimately reaching the lowest levels in more than a week. As such, today's rates are still the lowest in more than a week! You might not know that if you happened to hear about rates today from a big media outlet. Most are reporting the "highest rates of 2017." Here's why that's happening. Freddie Mac publishes a weekly survey that's generally regarded as the final word in long-term mortgage rate tracking. If you were only interested in long-term trends in rates, the survey ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Day Ahead: Bonds Attempt to Consolidate Yesterday's Gains Thu, Mar 16, 2017 8:29AM After the overnight session led bonds to open in modestly weaker territory, we're left with the sense that further gains aren't necessarily a given.  As I cautioned yesterday, the rally was entirely the result of CORRECTIVE forces as opposed t... (read more) MBS Live Recap: Fed Hikes, But Tame Dots Fuel Bond Rally Wed, Mar 15, 2017 6:42PM Yesterday's recap said that bonds were dreaming about the Fed's dot plot (the economic projections released with today's Fed announcement).  In spite of nightmare potential, today's Fed announcement turned out to be a dream come true.  The dots conveyed NO CHANGE in the median view of the Fed Funds Rate at the end of 2017 or 2018! This is huge .... (read more) MBS Price Change UMBS 5.0 99.52 -0.25 UMBS 5.5 101.15 -0.13 UMBS 6.0 102.47 -0.07 GNMA 5.0 99.88 -0.19 GNMA 5.5 101.12 -0.07 GNMA 6.0 102.09 -0.09 Pricing as of: 9/9 12:04PM EST US Treasury Yield Change 2 YR Treasury 3.539 +0.051 5 YR Treasury 3.608 +0.046 7 YR Treasury 3.812 +0.044 10 YR Treasury 4.084 +0.044 30 YR Treasury 4.734 +0.044 Pricing as of: 9/9 12:04PM EST Other News New Construction Beginning at a Quicker Pace Despite Decline in Permits Thu, Mar 16, 2017 10:10AM Housing permits were down in February, wiping out the gains posted in January, while housing starts also reversed course , posting the year's first gains. All three of the housing measures in the residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development posted increases over the previous February. Today's... (read more) Non-QM Mews; Nationstar/CFPB/HMDA Penalty; Goldman Buying Delinquent Loans Thu, Mar 16, 2017 9:50AM “Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that is stupid.” Different people are good at different things, and top LOs pride themselves on product knowledge. Here’s a helpful website if you want to know who is doing high-rise condos in Missouri, jumbo ARMs in Wiscons... (read more) Latest Video Meritage Homes CEO: Too much regulation drives up housing costs and lowers ... El-Erian on Fed rate hike: Don't lose sight of two things Davis: Fed did good job setting market up for rate hike Around the Web Bloomberg Yellen Faces a New Conundrum as Financial Conditions Defy Hike Calculated Risk Blog Comments on February Housing Starts CNBC The Fed will lead markets, not follow them, says Mohamed El-Erian Market Watch The market's reaction was not what the Fed wanted, Goldman economist says Freddie Mac Mortgage Rates Move Higher builderonline.com Where Millennials Are Looking for Mortgages Reuters U.S. jobless claims fall as labor market tightens CNBC Housing starts rose in February, led by single-family homes CNBC Trump's HUD budget cuts 42-year-old community assistance program Redfin Home Prices Jumped in February as Sales were Constrained by a Double-digit Inventory Dip CNBC Fed elation and Trump's budget the major themes on Wall Street NAFCU CFPB: Mortgage company faces $1.75M HMDA penalty CNBC Yellen tells consumers after rate hike: 'The simple message is the economy is doing well'

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