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Truth About Fed and Mortgage Rates; Builder Confidence Dips; Quarter Million Homes Back in Black

Truth About Fed and Mortgage Rates; Builder Confidence Dips; Quarter Million Homes Back in Black

Mortgage rates jumped again today, moving to the highest levels more than a month ahead of tomorrow's hotly anticipated Fed Announcement. Many lenders are now back up to quoting 4.125% on conventional 30yr fixed scenarios, though quite a few remain at 4.0%. As I look out over the landscape of media coverage on "how the Fed rate hike will affect mortgage rates," I'm shocked out how frequently pundits seem to be getting this wrong. So let's get a few things straight--just the facts. First of all, I haven't seen anyone make a differentiation between Fed policy in general and the rate hike specifically. Reason being: elsewhere in the Fed's current policy framework, they are choosing to maintain reinvestments from their MBS (mortgage-backed-securities) proceeds. In other words, all the income they
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