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Mortgage Rates Mixed Despite Positive Reaction to Fed

Mortgage rates  reacted favorably to today's Federal Reserve announcement and press conference--today's key events.  But that doesn't mean every lender is in better shape than yesterday.  The morning hours saw the bond market (which dictates rates) at weaker levels.  Weaker bonds = higher rates, all other thing being equal.  It wasn't until the 2pm Fed announcement that bonds began to improve, thus opening the window for mortgage lenders to issue new rates.  Unfortunately, some lenders are less prone to mid-day reprices than others.  There's also always a healthy fear of volatility in the bond market after the Fed announcement, even if bonds start out moving in a friendly direction.

On a final note, the press conference with Fed Chair Powell didn't start until 2:30pm.  By the time he was done answering questions, it was getting to be a bit too late in the day for a few lenders to make any changes.

Mortgage rates predicted to fall to "the lowest they've ever been" | Mortgage Rates, Mortgage News and Strategy

Changing Forecasts

Don’t laugh. Back in November – hardly a long time ago – most forecasters believed that mortgage rates would rise and hit 5% this year and maybe a little more.

Why should we now believe that rates are likely to fall? Are not all predictions equally suspicious? After all, the stock market is soaring, unemployment is minuscule, and home prices keep going up.

According to the National Association of Realtors, April’s home price increase marked “the 86th straight month of year-over-year gains.”

Verify your new rate (Aug 24th, 2019) Is the massive economic winning streak about to end?

Such good news suggests economic expansion.

Typically, a hot economy means higher mortgage rates.

There’s more competition for cash so companies can expand. Corporations borrow to pay for new equipment and facilities. At the same time salaries go up, enabling people to borrow more.

But there’s a catch. Rosy predictions regarding the economy are now being re-written. More forecasters are calling for a slower economy next year, not a hotter one.

What types of positive credit are mortgage lenders looking for?

My hubby and I are working on improving our credit to become homeowners. Once I was told you needed to have a good mix of credit on your report to show you are responsible in all areas.

I have been approved for several mortgages. No one has ever said that you need revolving credit, but I did read that it was needed. I got a credit card with a very high limit, simply to show responsibility.

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