Mortgage Rates Didn't Actually Move Sharply Lower Today

Thursday's mark the release of Freddie Mac's weekly mortgage rate survey. It's the longest running and most widely cited measure of mortgage rates, but it's not always the most accurate when it comes to tracking day to day changes. In today's case, the survey showed a sharp drop from 6.89 to 6.77. In actuality, the drop was a bit bigger than that, but it happened last week following Thursday's Consumer Price Index (CPI). Today's rates are almost perfectly unchanged since the end of last week. At issue is Freddie's methodology which reports a trailing 5 day average of rates each Thursday. That means that neither Thursday nor Friday's sharply lower rates made it into the calculation last week. Instead, they're in today's number, and today's mortgage rates won't be counted until next Thursday. Thanks to the extremely flat trend in rates so far this week, we can agree with Freddie that rates are currently near 6.8% for top tier conventional 30yr fixed scenarios and that these rates are the lowest seen in many months. [thirtyyearmortgagerates]

July 18, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Didn't Actually Move Sharply Lower Today Thursday's mark the release of Freddie Mac's weekly mortgage rate survey. It's the longest running and most widely cited measure of mortgage rates, but it's not always the most accurate when it comes to tracking day to day changes. In today's ... (read more) MBS Commentary Jobless Claims Helping Bonds Push Back Against Overnight Weakness Today's Jobless Claims report is for the week ending July 13th. This is important because the establishment survey for the big jobs report (nonfarm payrolls) is conducted on the week that includes the 12th of the month. In other words, if... (read more) Rob Chrisman Hedging, HELOC, Broker, Cybersecurity, DPA, Warehouse Products, Trigger Lead Legislation It’s not just Americans who can’t afford U.S. homes. International purchases of U.S. homes over the past year declined 36 percent to 54,300 properties ($42 billion), hitting a record low as foreign buyers balked at the dollar’s strength and a lack of... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.81% -0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.81% -0.02 0.00 15 Yr. Fixed 6.30% -0.02 0.00 30 Yr. FHA 6.28% -0.01 0.00 30 Yr. Jumbo 7.03% -0.02 0.00 7/6 SOFR ARM 6.59% 0.00 0.00 30 Yr. VA 6.30% 0.00 0.00 Updates Daily - Last Update: 7/18 15 Yr. Fixed Rate 6.30% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.12 0.00 15 Yr. Fixed 6.05% -0.12 0.00 Updates Weekly - Last Update: 7/18 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.00% -0.03 0.60 15 Yr. Fixed 6.63% +0.07 0.61 30 Yr. Jumbo 7.13% +0.02 0.38 Updates Weekly - Last Update: 7/10 MBS / Treasuries UMBS 30YR 5.5 99.59 -0.17 Price / Yield Change MBS UMBS 5.5 99.59 -0.17 UMBS 6.0 100.99 -0.10 GNMA 5.5 99.88 -0.11 GNMA 6.0 100.86 -0.09 Pricing as of: 7/18 5:31PM EST 10 Year US Treasury 4.1996 +0.0420 Price / Yield Change US Treasury 2 YR Treasury 4.465 +0.027 5 YR Treasury 4.114 +0.036 7 YR Treasury 4.136 +0.032 10 YR Treasury 4.200 +0.042 30 YR Treasury 4.420 +0.046 Pricing as of: 7/18 5:31PM EST Latest Video The consumer is struggling with home affordability, says Zelman's Alan Ratn... Fed is likely to start cutting rates in September, says Citi's Nathan Sheet... A September rate cut right now seems like the more likely outcome, says Rog... Fed's Beige Book sees slowing growth, consumers adjusting for inflation Around the Web CNBC Watch: ECB President Christine Lagarde speaks after rate decision Calculated Risk Blog Realtor.com Reports Active Inventory Up 35.8% YoY Eye on Housing Top Ten Builder Share Declines in 2023 Calculated Risk Blog Weekly Initial Unemployment Claims Increase to 243,000 Marketwatch Foreign buyers are fleeing the U.S. housing market, with sales at a record low Marketwatch Feds Barkin wants to move deliberately on interest rates Calculated Risk Blog LA Port Traffic Increased Year-over-year in June CNBC Fed Governor Waller sees central bank 'getting closer' to an interest rate cut Marketwatch 5 of 12 Fed districts report flat or declining economic activity, Feds Beige Book finds CNBC Treasury yields tick higher as markets digest comments by Fed officials Eye on Housing Single-Family Starts Weaken in June CNBC U.S. oil holds to gains after three weeks of crude inventory declines Calculated Risk Blog Industrial Production Increased 0.6% in June

© 2024 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [email protected]. Go here to UNSUBSCRIBE from this email.