Lowest Mortgage Rates in a Week After Inflation Data

Mortgage rates are based on bonds. Bonds react more to two monthly economic reports than any others. One of these is the jobs report which came out last week. The other is/was today's consumer price index (CPI). With Friday's jobs report being arguably rather middle-of-the-road in terms of its rate implications, bonds/rates potentially had some pent up momentum behind today's reaction. Fortunately and unfortunately, today's data was also fairly unequivocal relative to some recent examples. It caused a confused, 2-way reaction in bonds early in the day, but one that quickly gave way to mortgage-specific bonds holding their ground in a way that allowed mortgage lenders to keep rates in line with yesterday's, or just a hair better. As the day progressed, other developments led to additional gains in the bond market, thus allowing many mortgage lenders to reissue rates that were slightly lower still. The net effect is the average mortgage lender offering top tier conventional 30yr fixed rates at the lowest levels since last Wednesday. This isn't an especially big move considering the narrow range since then, but at least it's in everyone's favorite direction.

January 11, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Lowest Mortgage Rates in a Week After Inflation Data Mortgage rates are based on bonds. Bonds react more to two monthly economic reports than any others. One of these is the jobs report which came out last week. The other is/was today's consumer price index (CPI). With Friday's... (read more) MBS Commentary CPI Proves Frustrating For Fans of Action The initial reaction to this morning's CPI data has been mixed with weakness initially and now some resilience. Treasuries are underperforming, partly due to yield curve steepening (longer-term yields rising relative to shorter-term yields), bu... (read more) Rob Chrisman Doc Uploading, Correspondent, HELOC, Fraud Prevention Tools; Radian/FinLocker Deal; Secondary Marketing Primer Our Federal Reserve doesn’t control events around the world, like a ship being stuck in the Suez Canal, or the current Red Sea geopolitical aggression, or China raising chip prices, or OPEC raising gasoline prices, or… or… or. So, consumer and produc... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.72% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.72% -0.06 0.00 15 Yr. Fixed 6.00% -0.05 0.00 30 Yr. FHA 6.10% -0.05 0.00 30 Yr. Jumbo 7.00% 0.00 0.00 5/1 ARM 6.24% -0.01 0.00 30 Yr. VA 6.10% -0.07 0.00 Updates Daily - Last Update: 1/11 15 Yr. Fixed Rate 6.00% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.66% +0.04 0.00 15 Yr. Fixed 5.87% -0.02 0.00 Updates Weekly - Last Update: 1/11 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.81% +0.05 0.61 15 Yr. Fixed 6.41% +0.15 0.55 30 Yr. Jumbo 6.98% +0.12 0.43 Updates Weekly - Last Update: 1/10 MBS / Treasuries UMBS 30YR 5.5 100.30 +0.38 Price / Yield Change MBS UMBS 5.5 100.30 +0.38 UMBS 6.0 101.48 +0.33 GNMA 5.5 100.66 +0.30 GNMA 6.0 101.67 +0.27 Pricing as of: 1/11 5:31PM EST 10 Year US Treasury 3.9730 -0.0590 Price / Yield Change US Treasury 2 YR Treasury 4.251 -0.109 5 YR Treasury 3.888 -0.085 7 YR Treasury 3.936 -0.074 10 YR Treasury 3.973 -0.059 30 YR Treasury 4.178 -0.030 Pricing as of: 1/11 5:31PM EST Latest Video The Fed's forecast for rate cuts is more likely than the markets', says Mar... Consumer prices rose 0.3% in December, higher than expected, pushing the an... March is 'too early' for the Fed to start cutting rates, says BMO's Yung-Yu... New York Fed President John Williams: Inflation is easing but policy still ... Around the Web CNBC Consumer prices rose 0.3% in December, higher than expected, pushing the annual rate to 3.4% forexlive Fed's Goolsbee: December services inflation was a little more favorable than expected Marketwatch Fed's Mester says March is probably too early for rate cut Marketwatch Treasury yields remain steady to lower after hot December CPI inflation data Eye on Housing Housing Costs Persist in Driving Inflation Higher Calculated Risk Blog Weekly Initial Unemployment Claims at 202,000 CNBC Thursday's inflation report could challenge the market outlook for big Fed rate cuts Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-January 2024 CNBC U.S. deficit tops half a trillion dollars in the first quarter of fiscal year Calculated Risk Blog Part 1: Current State of the Housing Market; Overview for mid-January 2024 CNBC Consumer spending rises in December to end solid holiday season, CNBC/NRF Retail Monitor shows CNBC Spot bitcoin ETF approval by the SEC is approaching, experts say. What that means for investors Calculated Risk Blog Leading Index for Commercial Real Estate Increased in December, Down 11% from Peak

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