Mortgage rates improved in a somewhat noticeable way for the first time in weeks following today's policy announcement from the Fed. Actually, to be fair and accurate, rates didn't improve until Fed Chair Powell answered a question about inflation during his press conference, saying the Fed doesn't see inflation "surprising to the upside." That's a fancy way of saying they don't expect inflation to rise any faster than forecasts suggest. Inflation is critical to the Fed's decision-making process--especially because we're currently at an important crossroads. For the first time since before the financial crisis, core inflation stands a chance to make a sustained move up and over the 2% barrier. 2% is generally the line in the sand, above which the Fed is more apt to think about tightening monetary

September 26, 2018 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 Sep 26, 2018 Mortgage Rates Improve After Fed Announcement Wed, Sep 26, 2018 4:18PM Mortgage rates improved in a somewhat noticeable way for the first time in weeks following today's policy announcement from the Fed. Actually, to be fair and accurate, rates didn't improve until Fed Chair Powell answered a question about inflation during his press conference, saying the Fed doesn't see inflation "surprising to the upside." That's a fancy way of saying they don't expect inflation to rise any faster than forecasts suggest. Inflation is critical to the Fed's decision-making process--especially because we're currently at an important crossroads. For the first time since before the... (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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Day Ahead: Paradoxical Reaction Potential For Today's Fed Wed, Sep 26, 2018 9:22AM In trying to put together a chart for this morning, I kept running into a wall.  It had to do with the likely outcomes associated with different Fed forecast scenarios today.  To keep things simple, the 2 scenarios I'm considering are "friendly Fed" (i.e. rate hike outlook less aggressive than expected) and "unfriendly Fed" (vice versa). The par... (read more) MBS Live Commentary: Differences Between Previous and Current FOMC Statements Wed, Sep 26, 2018 2:08PM Information received since the Federal Open Market Committee met in June August indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Household spending and business fixed investment have g... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:52PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:52PM EST Other News New Home Sales Reverse Course, Ending Two-Month Deficit Wed, Sep 26, 2018 10:44AM New Home Sales posted a month-over-month increase for the first time since May according to Wednesday's report from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales in August rose 3.5 percent to a seasonally adjusted annual rate of 629,000 from a revised rate of 608,000 in July. July's revision takes a little of the bloom off... (read more) Freddie Mac Portfolio Up 6.1 Percent in August Wed, Sep 26, 2018 10:41AM Freddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 6.1 percent in August. The portfolio balance at the end of the period was $2.147 trillion compared to $2.136 trillion at the end of July and $2.052 trillion a year earlier. Purchases and Issuances totaled $38.413 billion , bringing the 2018 year-to-date total to $... (read more) IRS Slams Door on Property Tax Workarounds Wed, Sep 26, 2018 4:59PM One of the more contentious provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was a new ceiling on the SALT deduction. This is the amount taxpayers can deduct on federal tax returns for what is paid in state and local taxes including income, sales, and property taxes. The new limit is $10,000 where previously there was none. The increase in the standard de... (read more) Latest Video Dow sells off after Fed news conference Fed's Powell: Housing still more afforable now than before financial crisis Fed's Powell: Our economy is strong but benefits haven't reached all Americ... Around the Web CNBC Fed sounds less aggressive than expected and less confident in long-term growth Reuters Instant view: Analysts react to fed rate hike CNBC Fed's Powell says drop of 'accommodative' does not signal any change in rate hike path CNBC Fed still expects one more rate hike in 2018, three for 2019 Federal Reserve Federal Reserve Board and Federal Open Market Committee release economic projections from the September 25-26 FOMC meeting Federal Reserve Federal Reserve issues FOMC statement NPR House Poised To Pass Spending Bill To Avoid Government Shutdown CNBC Millennials are flocking to cities where they may never be able to afford a home Calculated Risk Blog A few Comments on August New Home Sales CNBC Apartment rents are suddenly rising faster, reversing year-long trend Reuters Canada PM says won't be rushed on NAFTA, new deal not guaranteed Reuters UK faces permanent debate over financial rules after Brexit: lawmaker CNBC New home sales rebound in August, prior months revised lower

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