Yesterday's policy announcement from the Federal Reserve had a chance to cause significant volatility for the bond market and the bond market is the chief ingredient in the mortgage rate equation. But this time around, the Fed didn't cause a measurable reaction in the mortgage market. I'm frequently asked whether mortgage rates are 0% since the Fed just kept rates at 0%. People hear a headline on the news or a radio soundbyte mentioning the words "Fed, rate, zero," and then assume the Fed just made some change that dropped rates to zero percent. After all why would there be so many news headlines about it if the Fed merely kept its policy rate unchanged?! It's a fair question in that sense, but understand that the Fed's rate decision will always make the news, even if the rate is the same as

September 18, 2020 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 Sep 18, 2020 Mortgage Rates Vary Widely--Nothing To Do With The Fed Thu, Sep 17, 2020 4:56PM Yesterday's policy announcement from the Federal Reserve had a chance to cause significant volatility for the bond market and the bond market is the chief ingredient in the mortgage rate equation. But this time around, the Fed didn't cause a measurable reaction in the mortgage market. I'm frequently asked whether mortgage rates are 0% since the Fed just kept rates at 0%. People hear a headline on the news or a radio soundbyte mentioning the words "Fed, rate, zero," and then assume the Fed just made some change that dropped rates to zero percent. After all why would there be so many news headli... (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 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Day Ahead: Running Out of Ways to Say "Sideways" Fri, Sep 18, 2020 9:47AM Tossed coconut salad...  Fresh coconut milk...  New England boiled coconut... There were only so many menu choices for Yosemite Sam working with one ingredient.  We're in a somewhat similar position over the past month with nothing to observe apart from a range-bound bond market. But whereas coconuts might make someone crazy eventually, who's ... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.07 -0.21 UMBS 6.0 102.37 -0.17 GNMA 5.0 99.75 -0.32 GNMA 5.5 101.06 -0.13 GNMA 6.0 101.99 -0.20 Pricing as of: 9/9 6:01PM EST US Treasury Yield Change 2 YR Treasury 3.560 +0.073 5 YR Treasury 3.618 +0.056 7 YR Treasury 3.816 +0.048 10 YR Treasury 4.088 +0.048 30 YR Treasury 4.727 +0.037 Pricing as of: 9/9 6:01PM EST Other News Pace of Construction Slows after Three Busy Months Thu, Sep 17, 2020 11:46AM Residential construction activity took a breather in August. The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that all three measures, housing permits, starts, and completions, were lower than their unexpectedly high July rates. Permits for residential construction were issued during the month at a seasonally a... (read more) Builder Confidence at All-Time High Wed, Sep 16, 2020 4:22PM The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) set a new high this month, breaking a record that it set only 30 days earlier. The Index, a measure of builder confidence in the new home market, rose 5 points to 83 in September. A 6-point increase in August had shot the Index to 78 , tying it with the previous high set ... (read more) Latest Mortgage App Volume Down Over Holiday-Shortened Week Wed, Sep 16, 2020 8:33AM The Mortgage Bankers Association (MBA) reports that mortgage applications declined during the week ending September 11, 2020. The week's results include an adjustment for the Labor Day holiday. MBA's Market Composite Index, a measure of all mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week. It was d... (read more) eClosing, Compliance, IRRRL Products; Plethora of Disaster Policy News; Rates Hardly Budging Fri, Sep 18, 2020 9:15AM Before the pandemic I used to spin that toilet paper roll like I was on Wheel of Fortune. In March and April I turned it like I was cracking a safe. Now things are back to normal, and the toilet paper area at Costco isn’t the Mecca it became six months ago. Economies have a way of correcting back to normal supply and demand functions. Whale oil was lar... (read more) Latest Video S&P 500 paces for worst September since 2011. What two traders see ahead Consumer sentiment index comes in at 78.9 versus 74.5 estimated Here's what the latest data reveals about the economic impact of the pandem... Coronavirus mortgage bailouts drop 0.7%, the smallest drop in four weeks Around the Web Calculated Risk Blog Lawler: Early Read on Existing Home Sales in August CNBC Refinancing your mortgage will cost more thanks to an 'adverse market' fee CNBC Refinancing your mortgage will cost more thanks to an 'adverse market' fee CNBC Fed's Bullard says 'biggest growth quarter of all time' will lift inflation CNBC Stimulus checks. The eviction ban. Unemployment benefits. Here's what relief measures you can rely on Calculated Risk Blog Q3 GDP Forecasts CNBC Metrics show consumers pulling back on spending in September as Congress debates second stimulus Calculated Risk Blog BLS: August Unemployment rates down in 41 states Redfin Housing Market White Hot After Labor Day: Home Prices Up 13%, Pending Sales Up 27% Calculated Risk Blog Black Knight: Number of Homeowners in COVID-19-Related Forbearance Plans Decreased CNBC Government mortgage bailout numbers improve slowly, but the real test is ahead CNBC Treasury yields move higher ahead of Fed speeches Redfin How Much Can You Negotiate on a House, Really?

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