Mortgage Rates Return To Historic Lows Following FOMC Announcement
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But mortgage rates are doing just fine in the face of the impending hike. Last week, Freddie Mac reported the third straight 2017 low of 3.89%. Thirty-year rates have dropped 41 basis points (0.41%) since March and are now holding at the lowest levels since November.
If the longer-run value of the neutral real interest rate is currently at the low end of the range of estimates, then monetary policy is more likely to be constrained by the lower bound on nominal interest rates in the future. Historically, the FOMC has cut the federal funds rate by 5 percentage points, on average, during downturns in the economy.
Besieged by a hailstorm of dismal economic developments, the Fed leaves interest rates unchanged. With the economy weakening, the Fed said it would keep all options open to promote growth.
Mortgage Rates Drop Closer to All-Time Lows The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.41 percent, the lowest since July 2014, from 3.48 percent, with points decreasing to 0.28 from 0.32. The average contract interest rate for 5/1 ARMs decreased to 3.05 percent, from 3.20 percent, with points increasing to 0.38 from 0.37.
According to futures markets, the chance of a rate hike next week is virtually 100%. However, the FOMC announcement is definitely worth paying attention to, but for other reasons.
Digging a little deeper, when there is positive news for the mortgage market (rates decline), the rates on the conforming 30-year fixed mortgages move on average by -0.63% the following day, compared to an average positive day of -0.42%.
But mortgage rates are already the lowest on record, and that hasn’t helped sales much, so the Fed doesn’t need to waste time trying to lead another horse to water in housing markets. The overall signal from today’s FOMC statement is not good news for the economy. The Fed is becoming less optimistic and less certain about the future.
But after this month’s meeting, the FOMC announced it would keep rates the same, maintaining the target range at 1.5% to 1.75%. "Information received since the Federal Open Market Committee.
Analysts have been unanimously foreseeing higher rates just around the corner, but they were only ever right about it when they made that call at the early 2015 lows. ahead is a warm up for the.
The FOMC (Federal Open Market Committee) or sometimes referred to as the "Fed", concluded its two day meeting today. In a press release, the FOMC announce
A lender will sell a mortgage-backed security to a dealer, often to hedge (protect) its interest rate risk. for the first time in its history in 2011, according to research group Morningstar. The.