Lowest Rates in 3 Weeks

Mortgage rates are driven by movement in the bond market. Bonds can move for several reasons at any given moment, but a key consideration these days is the tone of the regularly scheduled economic data. When it comes to data, some reports are more important than others. We witnessed this last week when Thursday and Friday's reports provided the only exciting moments of the week. Fortunately, both were in favor of lower rates. This week's economic data is incrementally more meaningful than last week's, and that's especially true of Friday's big jobs report. But today's report on the strength of the services sector is a reliable supporting actor when it comes to data having an impact on rates. Here too, data was friendly Not only did the report show slightly more weakness than expected in the services sector, but it highlighted an even faster downshift in the pace of price increases. It also suggested contraction in the services sector labor market--a point worth considering as Friday's jobs report approaches. Bonds had already found other reasons to improve ahead of the data, but the gains continued afterward. Bond market improvement equates to downward pressure on rates, all other things being equal. With that, the average lender was able to drop 30yr fixed rates to their lowest level since February 12th. If there's a catch, it's that the range has been fairly narrow between now and then, and day-to-day movement has been modest.

March 5, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Lowest Rates in 3 Weeks Mortgage rates are driven by movement in the bond market. Bonds can move for several reasons at any given moment, but a key consideration these days is the tone of the regularly scheduled economic data. When it comes to data, some report... (read more) MBS Commentary Lead-Off Rally Extends as Traders Wonder if They Were Tricked Yields spiked in the first half of February as the jobs report and CPI both suggested a stubbornly resilient economy and inflation outlook. That was January data. Now that the market is getting to see and digest February's data, things ar... (read more) Rob Chrisman Loan Portal, Processing, HMDA Compliance, TPO Products; Freddie and Fannie News; FICO 10 T in the MBS Market Conference season is cranking back up, and some believe that apple orchards are in danger of extinction give the amount of “applewood smoked” bacon in every buffet line. Whether it is Brussels sprouts or beets, there is someone out there re-thinking ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.03% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.03% -0.06 0.00 15 Yr. Fixed 6.52% -0.06 0.00 30 Yr. FHA 6.56% -0.01 0.00 30 Yr. Jumbo 7.32% -0.06 0.00 7/6 SOFR ARM 6.72% +0.02 0.00 30 Yr. VA 6.57% -0.02 0.00 Updates Daily - Last Update: 3/5 15 Yr. Fixed Rate 6.52% -0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.94% +0.04 0.00 15 Yr. Fixed 6.26% -0.03 0.00 Updates Weekly - Last Update: 2/29 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.07 0.65 15 Yr. Fixed 6.53% +0.12 0.94 30 Yr. Jumbo 7.00% +0.12 0.39 Updates Weekly - Last Update: 2/14 MBS / Treasuries UMBS 30YR 5.5 99.31 +0.31 Price / Yield Change MBS UMBS 5.5 99.31 +0.31 UMBS 6.0 100.67 +0.20 GNMA 5.5 99.63 +0.22 GNMA 6.0 100.58 +0.09 Pricing as of: 3/5 5:31PM EST 10 Year US Treasury 4.1410 -0.0760 Price / Yield Change US Treasury 2 YR Treasury 4.554 -0.058 5 YR Treasury 4.140 -0.070 7 YR Treasury 4.156 -0.073 10 YR Treasury 4.141 -0.076 30 YR Treasury 4.281 -0.071 Pricing as of: 3/5 5:31PM EST Latest Video Regional banks will need to consolidate unless the Fed cuts rates aggressiv... Former Kansas City Fed Pres. Thomas Hoenig: Not convinced the Fed will cut ... Here's why short-seller Spruce Point Capital is betting against Zillow Trex CEO: High interest rates forcing people to stay in existing homes Around the Web Reuters US Treasury to ease rules on COVID aid to boost affordable housing supply - Reuters Calculated Risk Blog Inflation Adjusted House Prices 2.4% Below Peak; Price-to-rent index is 7.3% below recent peak Eye on Housing Single-Family Production Shows Signs of Stirring Across the Nation CNBC New CFPB rule caps banks' credit card late fees at $8 CNBC U.S. Treasury yields fall as investors fret over economic outlook Calculated Risk Blog CoreLogic: US Home Prices Increased 5.8% Year-over-year in January Calculated Risk Blog ISM Services Index decreases to 52.6% in February CNBC Some NYCB deposits may be at risk after Moodys downgrades banks ratings again Reuters German 10-year yield edges back from three-month high ahead of ECB announcement Calculated Risk Blog ICE Mortgage Monitor: "First-Time Homebuyers Make Up Record 47% of GSE Purchase Loans" Marketwatch Fed has the luxury of making policy without pressure of urgency, Bostic says Calculated Risk Blog Lawler: Some Thoughts on Quantitative Easing and Quantitative Tightening Realtor.com Housing Inventory Just Hit a High Not Seen Since 2020With More Lower-Priced Homes, Too

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