Strong economic growth coupled with a solid labor market allows officials to wait for further evidence of cooling inflation before adjusting rates again. It also offers them time to evaluate President Donald Trump’s policies.

The former CEO of the Broker Action Coalition left that post after 10 months following that group’s split from the Association of Independent Mortgage Experts.

Mortgage 1 Inc., founded in 1994, says customers and regulators have mistakenly contacted it instead of Mortgage One Funding, which changed its name in 2021.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

Uneventful Fed Day, Bonds Eventually Agree

There’s never a way to know with certainty that a Fed announcement will be uneventful, but if we had to assign relative probabilities, today’s looked much more likely than normal to pass without a trace. In the immediate wake of the announcement, that didn’t look like it was going to happen. Bonds sold quickly due to what seemed to be a notable verbiage change.  Then in the press conference, Powell clarified the verbiage change and bonds unwound their initial reaction. MBS and Treasuries thus ended the day perfectly in line with pre-Fed levels, like it never even happened.  

Market Movement Recap

10:17 AM Modestly stronger overnight and flat so far.  MBS up 2 ticks (.06) and 10yr down 1.1bps at 4.523

11:20 AM Into negative territory now.  10yr up half a bp at 4.54 and MBS down 1 tick (.03).

02:43 PM Initially weaker after Fed announcement, but recovering a bit during press conference.  MBS down an eighth and 10yr up 3.3bps at 4.568

The bank anticipates recent changes will help it rebound soon from a quarter in which commercial-loan distress grew and a sale of the company fell apart.

Nearly two-thirds of Americans said stubbornly high mortgage rates are keeping them from moving, so they are planning to fix up their homes, Angi found.

A presidential memo on Monday imposed a pause on certain types of government funding until programs are reviewed to ensure compliance with Trump executive orders.

The FEMA-operated program has over 4.7 million policies in force, and lawmakers have kept it intact via dozens of short-term extensions since 2017.

On an annual basis, home prices grew by 4.2% in November, FHFA’s index found.