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Rates Fall After Fed; Fannie Upgrades HomeReady Program; Pending Sales Miss Estimates

Rates Fall After Fed; Fannie Upgrades HomeReady Program; Pending Sales Miss Estimates

Mortgage rates moved slightly lower today, although that's only true for lenders who issued mid-day improvements following the Fed's policy announcement. Markets were, by no means, expecting the Fed to hike rates today, but there was a decent enough chance they would telegraph their intention to hike. Such a move is certainly in the Fed's playbook, but if that's what they were shooting for today, it didn't show. Specifically, the Fed COULD have added verbiage like they did in October. That's the meeting where they clearly telegraphed a rate hike at the next meeting by specifically saying "In determining whether it will be appropriate to raise the target range at its next meeting." This time around, they didn't say anything of the sort. Bond markets improved to the best levels in weeks--a fact
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