Mortgage Market Summary as of May 7, 2018

As expected the Fed left rate unchanged last Wednesday.  In the statement, Fed officials acknowledge that inflation is close to target.  Right now there are no signs that the Fed will veer from the gradual path of interest-rate increases.   In the statement, the Fed added “symmetric” when describing their rate target; perhaps indicating their willingness to allow inflation to creep up above their 2% goal.   Also in the statement, the Fed acknowledged weakness in Quarter 1 by removing the previous remark, “the economic outlook has strengthened in recent months.”  

Hoping to continue to see the 10 year bond yield stay well below 3.00% this week!

Courtesy of Rick Lombardo 310.435.7439, Rick.Lombardo@grarate.com, VP of Mortgage Lending at Guaranteed Rate.

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