Mortgage rates had been holding in a narrow range near their highest levels in roughly 3 months over the past few days. Despite some stability in underlying bond markets, lenders had hesitated to make meaningful adjustments to rate sheets (in their defense, there wasn't much to work with). That all changed today after Fed Chair Yellen's congressional testimony. In fact, it was the prepared remarks for the testimony, released at 8:30am ET this morning that did the trick for bond markets (which underlie interest rate movement). Market participants were eager to see if Yellen would strike a similarly soft tone to some of the recent speeches from other members of the Fed. Indeed, that was the case as Yellen said the Fed doesn't need to hike much more in order to reach a neutral Fed Funds Rate.

July 12, 2017 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates at 2-Week Lows After Yellen Mortgage rates had been holding in a narrow range near their highest levels in roughly 3 months over the past few days. Despite some stability in underlying bond markets, lenders had hesitated to make meaningful adjustments to rate sheets (in their d... (read more) Housing News Positive Opinion of Housing's Investment Value Highest in Decade Time heals all wounds as the old saying goes, and the decade that has passed since the housing crisis seems to have allowed many Americans to recover from its attendant shocks. The National Association of Realtors'® (NAR's) 2017 National Housing ... (read more) Rob Chrisman HUD Suspends Lender; CFPB News; The Importance of Compliance Training Millions of parents around the nation will be sending their ex-high school seniors off to college this autumn. And what better thing to teach them is how to fold a t-shirt in 5 seconds . (No matter how many times I've seen this, I still can't do it..... (read more) Housing News No Surprise: Refi Apps Tank as Rates Hit 3-Month Highs Americans were apparently more interested in picnics and fireworks last week than in buying or refinancing their homes. At least that's what we might conclude were it not for the fact that the Mortgage Bankers Association's (MBA) Mortgage Market Inde... (read more) MBS Commentary MBS Live Day Ahead: Bonds Set For First Bounce Attempt Since EU Taper Talk Global bond markets have been on the run since June 27th , when Mario Draghi (head of the European Central Bank, or ECB) said deflation was being replaced by reflation and that the economy is now seeing "upside risks."  Even the ECB meeting min... (read more) MBS Commentary MBS Live Recap: Volatility in a Micro Range Thanks to Quiet Conditions Quite simply, markets are waiting for the last 3 days of this week before gleaning any "takeaways" about the current state of financial markets, the economy, inflation, or Fed policy.  Everything over the 1st 2 days of the week has therefore amo... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.85 -0.07 Price / Yield Change MBS UMBS 5.5 98.86 -0.07 UMBS 6.0 100.51 -0.05 GNMA 5.5 99.49 -0.08 GNMA 6.0 100.65 -0.06 Pricing as of: 11/14 11:42PM EST 10 Year US Treasury 4.4567 +0.0179 Price / Yield Change US Treasury 2 YR Treasury 4.350 0.000 5 YR Treasury 4.337 +0.011 7 YR Treasury 4.399 +0.012 10 YR Treasury 4.457 +0.018 30 YR Treasury 4.609 +0.026 Pricing as of: 11/14 11:42PM EST Latest Video Yellen testimony: Politics should be kept out of Fed decisions Fed's Beige Book: Labor markets tighten for low and high skilled workers Yellen: We were concerned about underwriting practices for loans Around the Web NAR - Realtor.com Housing Market Labor Shortage Eases CNBC Fed president wants to start shrinking the balance sheet 'in the near future' CNBC A big deal in nonprime mortgages proves leery investors are finally hungry again CNBC The Fed could deliver some much-needed relief for the greenback Bloomberg Yellen's Take on Inflation Shifts Subtly in Remarks to Congress CNBC Fed chief Yellen: Technology and globalization are eliminating the middle class consumerfinancemonitor.com FHFA extends comment period for LEP RFI CNBC Yellen's surprise comments influence bond market CNBC Fed stands ready to slow down rate hikes if inflation stays low, Yellen tells Congress Market Watch Bank of Canada Raises Rates CNBC Watch: Fed Chair Yellen testifies before the House on the state of the economy CNBC Even several more Fed rate hikes won't kill the stock market run, strategist Jim Paulsen says Reuters Fed's Yellen says economy steady enough for more hikes, bond wind down

© 2024  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [recipientemail]. Go here to UNSUBSCRIBE from this email.