After years of quantitative easing, the Federal Reserve is estimated to own $1.75 trillion in agency mortgage-backed securities (MBS). The securities are issued by Freddie Mac and Fannie Mae (the GSEs), backed by conventional mortgages they aggregate and guarantee, and Ginnie Mae, which does the same for mortgages issued with FHA and VA guarantees. The Fed has been buying agency securities since 2009, moving to keep money flowing into the troubled residential housing finance system. Even after it stopped putting new money into MBS the Fed continued to reinvest funds in the securities as old issues matured or were paid down. The Fed has always said it would not stop its reinvesting until interest rates began to rise. Its Open Market Committee (FOMC) has now raised the fed funds rate three times

May 4, 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 May 4, 2017 Fed Statement Erases Morning Mortgage Rate Gains Wed, May 3, 2017 4:38PM Mortgage rates ended the day relatively close to ' unchanged ,' depending on the lender. That's somewhat surprising considering the presence of several big-ticket events on today's calendar of potential market movers. Chief among these was the most recent installment of the Fed's policy announcement. While the Fed wasn't necessarily expected to make any policy changes, investors were still scanning for clues about the next Fed statement. In general, the announcement amounted to an optimistic deliver of several pessimistic developments. Some investors were hoping the Fed would pull fewer punche... (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 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.51 -0.03   99.66 102.51 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Day Ahead: Bonds May Be Taking a Lead-Off For Their Next Move Thu, May 4, 2017 9:11AM I frequently use the lead-off analogy to characterize financial markets' propensity to start drifting in the direction of their next most-desired direction.  Defining "most-desired" is tricky business because it can often be the case that bo... (read more) MBS Live Recap: Fed Statement Not Pessimistic Enough For Some Traders Wed, May 3, 2017 5:12PM Today's Fed announcement turned out to be a dud .  It's getting headline treatment here based solely on street cred.  In and of itself, it could scarcely compete with today's AM economic calendar.  Of particular interest was the Treasury's quarterly refunding announcement. Normally a sleeper of a market mover, the refunding announcement w... (read more) MBS Price Change UMBS 5.0 99.74 -0.04 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.05 -0.03 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/8 10:19PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.009 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.775 +0.006 10 YR Treasury 4.046 +0.007 30 YR Treasury 4.699 +0.009 Pricing as of: 9/8 10:19PM EST Other News How Fed Exits MBS Ownership Could be Key to Affordability Thu, May 4, 2017 11:44AM After years of quantitative easing, the Federal Reserve is estimated to own $1.75 trillion in agency mortgage-backed securities (MBS). The securities are issued by Freddie Mac and Fannie Mae (the GSEs), backed by conventional mortgages they aggregate and guarantee, and Ginnie Mae, which does the same for mortgages issued with FHA and VA guarantees. The Fed h... (read more) Credit Accessibility Dips Slightly Thu, May 4, 2017 11:31AM There was a very slight downward change in the availability of mortgage credit last month, driven primarily by on ongoing slippage in the availability of conforming loans. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) declined 0.2 percent in April to 183.0. A decrease in the index indicates a tightening of lending ... (read more) Fannie and Freddie; News in Primary and Secondary Markets Thu, May 4, 2017 11:22AM May the 4th be with you! People wonder if anyone from Freddie Mac has ever actually visited Fannie’s location for an office visit. Yes! Here’s actual film footage to prove it. On a more serious note, 49 years ago today was the Kent State shooting where four students died and more than 500 colleges across the country were shut down. Fannie & F... 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