Tuesday, March 29, 2016

Mortgage News Daily: "Mortgage Rates Drop After Yellen Speech"

by Bill McBride on 3/29/2016 06:34:00 PM

• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:15 AM, the ADP Employment Report for March. This report is for private payrolls only (no government). The consensus is for 203,000 payroll jobs added in March, down from 214,000 in February.

From Matthew Graham at Mortgage News Daily: Mortgage Rates Drop After Yellen Speech

Mortgage rates moved decisively lower today, following a speech from Fed Chair Janet Yellen. ... In fact, the MBS gains were so steep that most lenders didn't adjust rates to fully account for the market movement. This is typical when volatility increases, for better or worse. If markets are able to hold current levels, rates would continue to drop. As it stands, the most prevalent conventional 30yr fixed quote on top tier scenarios is now easily back down to 3.75%, with many lenders pushing back into 3.625%. Just last week, there were quite a few lenders up at 3.875%.
emphasis added
Here is a table from Mortgage News Daily: