March 20th, 2019 2:34 PM by BILL WILBANKS
WOW! The FOMC just came out of their two day meeting today stating no more rate hikes are likely for the rest of the year. The 10 year benchmark note rate dropped to 2.539% at the time of this post. Already seeing lenders post slightly lower point quotes immediately. As benchmark Treasury yields fall, prices of mortgage-backed securities move higher, which allows lenders to offer lower mortgage rates. The inverse is also true.
This is great news for the upcoming home buying season.