Post-Fed Rally is "Nice" But Not Quite Exciting In a small vacuum, today's Fed announcement had a noticeably positive impact on bonds despite yielding "just another day" vibes in the bigger picture. Traders reacted to some combination of a reasonably steady dot plot and the announcement of slower balance sheet shrinkage (which, in turn, implies more bond buying in the short term at the expense of a longer wait before the Fed fully reinvests its balance sheet proceeds). If you don't understand that last part, don't worry. It's arcane.  It is basically a technical adjustment in the pace, but not in the destination. The bottom line is that the adjustment was mildly friendly for bonds today, even if it was a technical adjustment and not an indication of easier monetary policy.  Market Movement Recap 10:34 AM Roughly unchanged overnight and slightly weaker in the past hour. MBS down an eighth and 10yr up 1.6bps at 4.302 01:00 PM Sideways since the last update.  MBS down 3 ticks on the day and 10yr up 2.4bps at 4.311 02:25 PM Stronger after Fed announcement (greatly slowing the pace of Treasury tightening).  MBS up 2 ticks (.06) and 10yr down 1.3bps at 4.274 03:41 PM Holding gains after Powell press conference.  MBS up 5 ticks (.16) and 10yr down 3.4bps at 4.253

March 19, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Mar 19, 2025 Rates Move Back Toward Lows After Fed Announcement Wed, Mar 19, 2025 3:52PM Heading into today, we knew the afternoon's Fed announcement was biggest potential flashpoint for interest rate movement, and that the movement probably wouldn't be extreme. The unknown, as always, was the direction of said movement. Thankfully, it was lower. This wasn't destined to be the case this morning.  Out of the gate, the average mortgage lender was offering slightly higher rates compared to yesterday's latest levels. After markets reacted to the Fed, lenders revised their rates to the lowest levels in just over a week (also fairly close to the low end of the range going back to ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 Post-Fed Rally is "Nice" But Not Quite Exciting Wed, Mar 19, 2025 4:21PM Post-Fed Rally is "Nice" But Not Quite Exciting In a small vacuum, today's Fed announcement had a noticeably positive impact on bonds despite yielding "just another day" vibes in the bigger picture. Traders reacted to some combination of a reasonably steady dot plot and the announcement of slower balance sheet shrink... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/6 11:13PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/6 11:13PM EST Other News "Fourth Month" Trading, Client Marketing, HELOC, Servicing Tools; X Employee on Fannie Board and Other FHFA News Wed, Mar 19, 2025 11:40AM Tired of writing those pesky checks? Wait no longer: If you don’t want to send a check through the U.S. Mail, for whatever reason, there’s Deluxe Payment Exchange that delivers an electronic check. Tired of those pesky Freddie Mac and Fannie Mae board members, like the one who won a Nobel Peace Prize for economics? Wait no longer: FHFA Director Bill Pulte di... (read more) Latest Video Fed Chair Powell: Some of inflation is coming from tariffs, it's difficult ... Federal Reserve Chair Powell: Slower for longer QT pace has no implications... Consumers are still spending, it's more about where they're spending: 'The ... Fed Chair Powell will keep his tone that the economy is in a good place at ... Around the Web CNBC Fed holds interest rates steady, still sees additional cuts coming Marketwatch Some home buyers are hoping for a recession to bring down housing prices. Are they right? CNBC Weekly mortgage demand pulls back, as interest rates rise for the first time in 9 weeks Marketwatch Home builders are expected to slow down. That's bad news for Americas massive housing shortage. Calculated Risk Blog California Home Sales Up 2.6% YoY in February; 4th Look at Local Housing Markets Eye on Housing Single-Family Housing Starts Hit 12-Month High in February CNBC Treasury yields hold steady as investors await Fed interest rate decision Eye on Housing U.S. Sawmill Production Capacity Constant in 2024 CNBC Trump to meet oil executives to discuss energy agenda as tariffs weigh on prices Marketwatch Longer-term Treasury yields rise ahead of Fed's two-day policy meeting Eye on Housing Builder Confidence Falls on Cost Uncertainty Eye on Housing Home Building Employment across States and Congressional Districts in 2023 Calculated Risk Blog Industrial Production Increased 0.7% in February

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