Mortgage Rates Another Step Closer to 3-Month Lows

For most lenders, you'd still see modestly lower rates on several days in mid May, but apart from that, you'd need to go all the way back to early April to see anything lower. Said differently, today's rates are fairly close to the lowest levels in 3 months. If the 3 month distinction is to be earned in the near term, it will come down to the incoming economic data. Scheduled reports on the labor market, economy, and inflation will help shape expectations for Fed rate policy and thus exert immediate influence on interest rates. This is a big week for such data with additional reports in the coming days, including Friday's jobs report which is typically one of the two biggest rate movers on any given month. Today's data showed job openings coming in lower than expected for the month of April. While it's not as timely as the upcoming report on Friday (which is for May), it has nonetheless been important in the past year. Lower job openings connote lower rates, all other things being equal. All that having been said, the bond market (which underlies rate movement) had a fairly steady day of improvement, even after attempting to isolate the influence of the job openings data. This could speak to a bit of anticipation for the rest of the week's data to be similarly downbeat. The risk here is that the data manages to surprise to the upside and cause a volatile bounce back toward higher rates.

June 4, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Another Step Closer to 3-Month Lows For most lenders, you'd still see modestly lower rates on several days in mid May, but apart from that, you'd need to go all the way back to early April to see anything lower. Said differently, today's rates are fairly close to the lowest level... (read more) MBS Commentary More Gains After JOLTS, But They Might Have Happened Anyway More Gains After JOLTS, But They Might Have Happened Anyway The winning streak continues for the bond market with 10yr yields dropping roughly 6bps by the 3pm close, just barely edging under the 4.34% technic... (read more) Rob Chrisman Servicing Interface, Inspection Tools; Newfi/Dunmor Alliance; Does Yield Curve Inversion Matter? "Hey Rob, thank you for continuing to highlight the insurance issues we're having, like in yesterday's commentary. Insurance companies are monitoring homes from the sky, and homeowners across the country have had their coverage ended due to aerial mo... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.07% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.07% -0.04 0.00 15 Yr. Fixed 6.62% -0.03 0.00 30 Yr. FHA 6.62% 0.00 0.00 30 Yr. Jumbo 7.37% -0.03 0.00 7/6 SOFR ARM 7.22% -0.06 0.00 30 Yr. VA 6.65% 0.00 0.00 Updates Daily - Last Update: 6/4 15 Yr. Fixed Rate 6.62% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 7.03% +0.09 0.00 15 Yr. Fixed 6.36% +0.12 0.00 Updates Weekly - Last Update: 5/30 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.05% +0.04 0.63 15 Yr. Fixed 6.66% +0.24 0.69 30 Yr. Jumbo 7.22% +0.04 0.43 Updates Weekly - Last Update: 5/29 MBS / Treasuries UMBS 30YR 6.0 100.59 +0.17 Price / Yield Change MBS UMBS 6.0 100.59 +0.17 UMBS 6.5 101.97 +0.16 GNMA 6.0 100.79 0.00 GNMA 6.5 101.65 +0.03 Pricing as of: 6/4 5:31PM EST 10 Year US Treasury 4.3328 -0.0580 Price / Yield Change US Treasury 2 YR Treasury 4.774 -0.035 5 YR Treasury 4.350 -0.054 7 YR Treasury 4.333 -0.046 10 YR Treasury 4.333 -0.058 30 YR Treasury 4.477 -0.058 Pricing as of: 6/4 5:31PM EST Latest Video Job openings lower than forecast in April QT tapering will cause policy to continue even more aggressively, says Jeff... Essex Property Trust CEO on rent inflation and state of the apartment marke... The path for a soft landing has narrowed some, says WSJ's Nick Timiraos Around the Web Marketwatch Inflation isnt likely to come down to Feds 2% target, two prominent economists say Marketwatch Bond yields are falling. This time, it's not being treated as good news CNBC Job openings fell again in April, hitting lowest level since February 2021 in a sign of labor market weakening Realtor.com The Number of U.S. Homes for Sale Is Slowly Returning to Normal: An Incredible Trend, Economists Say Marketwatch Don't sleep on the possibility of a Fed rate cut in July, economists say CNBC Job market is still strong but has 'gotten competitive' for applicants, economist says CNBC Investor home purchases jump for the first time in two years. Here's what that means for buyers Marketwatch U.S. factory orders rise for third straight month in April Eye on Housing Single-Family and Multifamily Production Headed in Opposite Directions Across Geographies Calculated Risk Blog Asking Rents Mostly Unchanged Year-over-year CNBC U.S. crude oil extends losses, fall below $73 per barrel on OPEC+ increasing supply Calculated Risk Blog Freddie Mac House Price Index Increased in April; Up 6.5% Year-over-year Calculated Risk Blog CoreLogic: US Home Prices Increased 5.3% Year-over-year in April

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