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Rates Improve After Fed Announcement; Housing Starts Comeback; Refi Apps Tumble

Rates Improve After Fed Announcement; Housing Starts Comeback; Refi Apps Tumble

Mortgage rates moved lower today, but the amount was not only smaller than underlying market movement suggested, it also varied widely from lender to lender. This likely has a lot to do with lenders' strategies heading into today's volatile events. The lenders who had set rates higher than normal yesterday as part of a defensive strategy were able to drop rates a bit more than other lenders today. But even when we add those bigger moves into the mix, we still didn't see enough improvement to bring contract rates back down to 3.625%. The most prevalently-quoted conventional 30yr fixed rates remains solidly in 3.75%-3.875% on top tier scenarios. As far as today's Fed news is concerned, its impact had more to do with the changes in the Fed members' forecasts than to the changes in the verbiage
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