Rates Barely Budge Following Fed; How The Statement Changed; Origination Forecast Increases; CFPB on Credit Unions
Mortgage Rates made modest gains in some cases today, though many lenders are in roughly the same territory as yesterday. Things could be worse, however, considering we had 2 major announcements from central banks today (Japan overnight and the Fed this afternoon). These are always flashpoints for market volatility, but they don't always deliver on their threats. Today was something in between calm and volatile. Most of the volatility was seen in financial markets with very little making it through to mortgage lenders' rate sheets. Fortunately, the market volatility was in our favor today, as underlying bond markets improved following the Fed announcement. Bond market improvement connotes lower mortgage rates. Several lenders saw enough improvement in bond markets to adjust pricing in the afternoon
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