Mortgage rates are lower today for a couple of reasons. The Fed Announcement yesterday was fairly uneventful. All eyes were on the Fed, looking to see whether or not they would make an indication of an impending rate hike. Since the clear message of intent to hike rates was not stated, bond markets rallied afterwards. Today the bond markets were flat, which was viewed as a success, as stock markets bounced. In other news, corporate bond issuance by Apple helped out the bond markets as well. The 7 year treasury auction went well today, but the impact was limited due to all od the above factors. The next big ticket item on the list is the Bank of Japan policy announcement, which will take place during our overnight session. Bond markets may experience some volatility in those hours coming into tomorrow. Check back here tomorrow for more up to the minute mortgage news and rate updates.
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• 30 year (FRM) rates at 3.39% (-0.05%).
• 15 year (FRM) rates at 2.74% (-0.05%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.52% (-0.04%).
• 5/1 ARM rates at 2.85% (-0.01%).
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