Be sure to catch our MMG Minute video that we just sent out for more market insight and pipeline management. Bond prices rose and yields fell after a somewhat dovish Fed rate hike. The 10-year yield slipped to 3.50%. Stocks collapsed after Treasury Sec Yellen said the Treasury will not be expanding the FDIC's insurance limit of $250,000. Banking shares lead the plunge. WTI oil was last seen at $69.95/bbl, +$0.28. Tomorrow's data includes Durable Orders, Jobless Claims and New Home Sales. Please listen to the video for pipeline management it was sent via text message and is also located on the MMG Bond Page.

Stocks tank ... Dow falls 530 points.

Powell says process of getting inflation back down to 2% will be a long and bumpy road but it has moderated somewhat since last year.

After the Fed statement release, Mortgage Bonds improving further, 10-yr yield 3.52%. Stocks move into positive territory.  

FED RAISES KEY OVERNIGHT INTEREST RATE BY 25 BASIS POINTS TO 4.75%-5.00%
FED SAYS 'SOME ADDITIONAL POLICY FIRMING MAY BE APPROPRIATE,' DELETES REFERENCE TO ONGOING INCREASES
FED SAYS U.S. BANKING SYSTEM IS 'SOUND AND RESILIENT'
FED SAYS LIKELY TO SEE TIGHTER CREDIT CONDITIONS THAT WEIGH ON ECONOMIC ACTIVITY, HIRING AND INFLATION
FED SAYS INFLATION REMAINS ELEVATED
FED SAYS IT WILL CONTINUE REDUCING ITS BALANCE SHEET AS PLANNED
FED SAYS JOB GAINS HAVE PICKED UP, RUNNING AT A ROBUST PACE
FED SAYS VOTE IN FAVOR OF POLICY WAS UNANIMOUS

20 minutes prior to Fed Statement release ... Mortgage Bonds and Treasuries impprove to their best levels of the day.  

At midday, the markets await the 2:00 pm ET release of the Fed's monetary policy statement. Mortgage Bonds are slightly lower having erased most of their early losses. 10-yr yield falls to 3.56%. Stocks modestly lower.  Stay tuned.  

Ahead of the 2:00 pm ET monetary policy statement release, Mortgage Bonds are lower though off their worst levels while the 10-year yield has slipped to 3.59%. The S&P is slightly higher. Stay tuned.

The typical down payment has fallen 10% from a year ago as the housing market cools, reports Redfin.   https://tinyurl.com/2v5az9hm

Stocks trade modestly lower ahead of the Fed. 

MBA: Market Composite Index +3%, Purchase Index +2.2%, Refinance Index +4.9%. 30-yr fixed rate mortgage -23bp to 6.48% for the week ended March 17.

Ahead of this afternoon's 2:00 pm ET release of the Fed's monetary policy statement, Mortgage Bonds are lower, 10-yr yield rises to 3.64%. UK inflation data hotter than expected. Stock futures flat. WTI oil at $69.49/bbl, near unchanged. No economic data today. Stay tuned.

Be sure to catch our Market Alert video that we sent out his afternoon for more market insight and pipeline management. Mortgage Bonds ended lower but off their worst levels while the 10-yr yield rose to 3.60%. Stocks ended with strong gains. WTI oil was last seen at $69.33/bbl, +$1.86. There are no economic reports due for release tomorrow. Continue to lock where you can.

At midday, Mortgage Bonds are lower though off worst levels, 10-yr yield 3.57%. Stocks holding gains and off their highs.  

The NAR reports that the median existing-home price for all housing types in January was $363,000, a decline of 0.2% from February 2022 ($363,700). This ends a streak of 131 consecutive months of year-over-year increases, the longest on record.

February Existing Home Sales jump 14.5% from January to an annual rate of 4.58M units vs 4.19M expected.  

As expected, stocks open higher as bank tensions ease ... traders look to the Fed. Dow +300 points.

The risk on trade continues today as stock futures point to a higher open after yesterday's rally fueled by easing bank woes. Mortgage Bonds lower while the 10-yr yield rises to 3.57%. WTI oil at $68.70/bbl, +$1.06. February Existing Home Sales at 10:00. Stay tuned.

Be sure to catch our MMG Market Alert video that we sent out earlier for more market insight and pipeline management. Mortgage Bonds ended lower while the 10-yr yield jumped to 3.48%. Stocks ended with big gains as risk on was today's trade. WTI oil was last seen at $67.55/bbl, +$0.81. February Existing Home Sales will be released tomorrow. Continue to lock where you can in this volatile environment and ahead of the Fed on Wednesday.

At midday, Mortgage Bonds are lower though off worst levels. 10-yr yield jumps to 3.47%. Volatility remains. Dow +363 points. Stay tuned.

Bonds well off best levels and backing away from key technical levels. The FNMA 30-yr 5.5% coupon is beneath $101 and the 10-year yield is right at its 200-day Moving Average. Continue to lock where you can.

The Dow and S&P open higher, NASDAQ slightly negative.

It's Fed week! Ahead of the Wednesday afternoon release of the Fed's monetary policy statement, Mortgage Bonds are flat and the 10-yr yield is unchanged at 3.39% after hitting 3.29% overnight. Stock futures slightly lower. WTI oil $65.88/bbl, -$0.88. The statement will be released at 2:00 pm ET followed by Fed Chair Powell's press conference at 2:30. Stay tuned.