Rates Hold 3-Week Lows After ECB; Fannie/Freddie Single Security; Origination Stats Steady -EllieMae

Rates Hold 3-Week Lows After ECB; Fannie/Freddie Single Security; Origination Stats Steady -EllieMae

Mortgage rates held relatively steady today, keeping them in line with the lowest levels in more than 3 weeks. There was relatively little market movement in response to the policy announcement from the European Central Bank (ECB). That's a good thing considering much of the recent gains in rates can be attributed to traders growing more optimistic about the ECB's stance. To put all this in plain English , the ECB buys bonds. This puts downward pressure on rates around the world (more so in Europe than in the US, but we still get some indirect benefit). There was some concern at the end of June that the ECB was getting closer to announcing it would buy fewer bonds. While that day will likely come eventually, today's announcement assures markets that it hasn't been discussed yet. The relatively