Rates Varied by Lender After Fed Announcement; Purchase Loans Expected to Pick Up

Mortgage rates were unchanged today, despite the potential for volatility surround the Fed's rate announcement. No one expected the Fed to hike rates at this meeting, but there was a risk they could shake things up via the release of their updated forecasts or during Fed Chair Yellen's press conference. As it turned out, all of the above was "rate-friendly," at least as far as bond markets are concerned. Mortgage rates are primarily driven by trading levels in MBS (mortgage-backed-securities), which tend to follow slightly less dramatic versions of the same path seen in US Treasuries--especially the 10yr. To be sure, today's Fed events were of great benefit to Treasuries, and moderate benefit to MBS, but there are some caveats by the time we consider actual rates on lender rate sheets. Reason

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