Mortgage Rates Back to 7%

It's no mystery that mortgage rates have had a terrible October. As of last Friday, the average lender's top tier 30yr fixed rates were up to 6.90--an increase of more than 0.625% this month. Today's 0.10% increase brings the rate index up to 7.0% exactly which is the highest we've seen since July 10th. The relatively larger size of today's jump is partly due to the timing of bond market weakness last Friday. Mortgage rates are based on bonds and mortgage lenders can make mid-day adjustments when bonds move enough during the day. The later in the day, the more likely it becomes that lenders will wait for the following day to adjust rates. All that having been said, there was definitely new weakness today. Some of it can be traced to the Treasury auction process. Election odds are also assumed to be having an impact with the prevailing correlation between higher rates and better odds for a Trump victory. While we should expect the election to continue making for a volatile rate environment, it's not the only game in town. This week sees the return of highly relevant economic data with Friday's jobs report being the most important, by far. Each of the past two jobs reports has had a huge impact on rates due to wide deviations from expectations. If Friday's report is anywhere nearly as surprising, the impact on rates should play out on a similar scale.

October 28, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Back to 7% It's no mystery that mortgage rates have had a terrible October. As of last Friday, the average lender's top tier 30yr fixed rates were up to 6.90--an increase of more than 0.625% this month. Today's 0.10% increase brings the rate index u... (read more) MBS Commentary Here Comes The Data (Starting Tomorrow) After 2 frustrating weeks spent moving toward higher yields without any major justification from the economic data, things are about to change. From here on out, the move toward higher yields will be justified by the data. The other optio... (read more) Rob Chrisman Lead Recapture, Non-QM, Servicing, Commercial Tools; MBA's Future Leaders Program Opens; LO Jobs Thousands of lenders and vendors braved the gate lice to fly to Denver (the term for people who crowd around the gate at an airport, sometimes in an attempt to board early). Critics of Denver will tell you that it is “Kansas with a view of the mounta... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.00% +0.10% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.00% +0.10 0.00 15 Yr. Fixed 6.47% +0.10 0.00 30 Yr. FHA 6.46% +0.10 0.00 30 Yr. Jumbo 7.10% +0.10 0.00 7/6 SOFR ARM 6.81% +0.06 0.00 30 Yr. VA 6.48% +0.10 0.00 Updates Daily - Last Update: 10/28 15 Yr. Fixed Rate 6.47% +0.10% Rate Change Points Freddie Mac 30 Yr. Fixed 6.54% +0.10 0.00 15 Yr. Fixed 5.71% +0.08 0.00 Updates Weekly - Last Update: 10/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.52% 0.00 0.64 15 Yr. Fixed 5.98% +0.04 0.66 30 Yr. Jumbo 6.73% -0.03 0.57 Updates Weekly - Last Update: 10/23 MBS / Treasuries UMBS 30YR 5.5 99.01 -0.23 Price / Yield Change MBS UMBS 5.5 99.01 -0.23 UMBS 6.0 100.70 -0.09 GNMA 5.5 99.35 -0.19 GNMA 6.0 100.62 -0.10 Pricing as of: 10/28 5:31PM EST 10 Year US Treasury 4.2776 +0.0352 Price / Yield Change US Treasury 2 YR Treasury 4.129 +0.031 5 YR Treasury 4.107 +0.038 7 YR Treasury 4.192 +0.041 10 YR Treasury 4.278 +0.035 30 YR Treasury 4.529 +0.027 Pricing as of: 10/28 5:31PM EST Latest Video Treasury Department expects to borrow $546 billion in q4, $19 billion less ... Jamie Dimon: American economy is still booming There's no need for aggressive rate cuts to stimulate the economy: Advisors... Morgan Stanley's Jim Lacamp: Federal Reserve has a problem with inflationar... Around the Web Marketwatch U.S. housing market is on the verge of a vicious cycle, which is not good for America, Lennar Mortgage head warns Marketwatch Bonds are facing a make-or-break moment over the next 10 days or so Marketwatch Fed goes quiet ahead of its Nov. 7 meeting, with quarter-point cut seen as likely Treasury Treasury Borrowing Estimates Drop $19 Bln Calculated Risk Blog A Proposal to Address the Housing Crisis CNBC U.S. Treasury yields continue their ascent after hitting a 3-month high last week Eye on Housing Owner-Occupied Single-Family Housing Units Across Congressional Districts Calculated Risk Blog Housing Oct 28th Weekly Update: Inventory Down 0.2% Week-over-week, Up 31.2% Year-over-year CNBC This is the biggest difference in todays housing market, according to the Property Brothers Eye on Housing Mortgage-Free Homeowners by Congressional Districts The Basis Point These 16 Fintechs Capture State Of Housing Tech & Mortgage AI (MBA Annual 2024 Preview) CNBC European markets head for mixed open as investors review geopolitical tensions Calculated Risk Blog Philly Fed: State Coincident Indexes Increased in 34 States in September (3-Month Basis)

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