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Mortgage Rates Steady to Slightly Lower After Fed

Mortgage rates  were steady to slightly lower   today, despite fairly substantial movement in underlying bond markets.  Bond prices ultimately do more to inform mortgage rates than anything else.  Prices moved higher today by an amount that would typically result in effective rates falling 0.03-0.05% depending on the lender.  But as it stands, the average lender is only 0.01% lower than yesterday's latest offerings.   

Given recent volatility, it's not outside the realm of possibility that lenders are simply waiting to make sure the gains are still around tomorrow before they adjust rate sheets more aggressively.  This would fit with recent patterns of lender rate sheet movement lagging bond market movement.  

As for today's market motivation, the lion's share of the movement happened after the Fed Announcement.

Another state bill that would worsen housing crisis

California is in the grip of a housing crisis caused by the serious misalignment of homes that are available and the overwhelming demand.

Because of the housing shortage, prices have skyrocketed, preventing scores of households from being able to either achieve upward fiscal mobility through homeownership or find a place to live in the community where they work without breaking the bank. 

There are several factors that experts point to as contributors to the housing shortage: high costs associated with complex regulations; community opposition to development that results in costly litigation; and high land costs in coastal areas.

We know each of these is a significant problem, and yet the Legislature is having a difficult time refraining from pursuing proposals that could make the housing crisis worse.

Assembly Bill 1701 is such an example that will needlessly escalate costly litigation, create a cottage industry for trial attorneys to target homebuilders and depress the housing stock the state desperately needs.