Mortgage Rates Down to Another 7 Month Low, But Just Barely

The most notable accomplishment for mortgage rates today was the fact that they moved by a normal amount compared to the previous day. That's the first time that's happened in 7 days (the calmest, flattest 7 days in more than a year). While that may be notable, it's not a very interesting headline. For that, we have the good old "lowest rates since ____" formula. In today's case, the blank would be filled by "May 2023." In and of themselves, the lowest rates in more than 7 months sound great. They are great, to be sure, but not appreciably more so than several other days in the past 2 weeks. Today's just happen to have inched below the previous low. The average mortgage borrower would be seeing the same quote on either day. One thing to keep in mind about today's decent improvement over yesterday is that there were no compelling justifications for the move in terms of economic data, news headlines, or scheduled events. That suggests a bond market (bonds dictate rates) that is trading for reasons that transcend the typical "data dependent" mantra that has dominated the past few months. It also suggests we're equally at risk of seeing moderate movement in the other direction in the next few trading days.

December 27, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Down to Another 7 Month Low, But Just Barely The most notable accomplishment for mortgage rates today was the fact that they moved by a normal amount compared to the previous day. That's the first time that's happened in 7 days (the calmest, flattest 7 days in more than a year). While th... (read more) MBS Commentary Much Stronger Than Justified, But That Can Happen This Time of Year Much Stronger Than Justified, But That Can Happen This Time of Year On many of the recent days with a similar amount of movement in the bond market, there was a logical correlation between the underlying data... (read more) Rob Chrisman CAAS, TPO, Tech, LOS Products; Fitch on First American's Hack; Freddie and Fannie Forecasts Susan Toste writes to Ira Selwin who sends me (see how these things work?), “Can you believe it is 364 days until Christmas and people already have their lights up?” Goldman Sachs asks interviewees, "How many square feet of pizza are eaten in the U.S... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.61% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.61% -0.06 0.00 15 Yr. Fixed 5.95% -0.09 0.00 30 Yr. FHA 6.05% -0.07 0.00 30 Yr. Jumbo 6.95% -0.04 0.00 5/1 ARM 6.18% +0.01 0.00 30 Yr. VA 6.10% -0.02 0.00 Updates Daily - Last Update: 12/27 15 Yr. Fixed Rate 5.95% -0.09% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.28 0.00 15 Yr. Fixed 5.95% -0.43 0.00 Updates Weekly - Last Update: 12/21 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.83% 0.00 0.60 15 Yr. Fixed 6.41% 0.00 0.77 30 Yr. Jumbo 7.12% 0.00 0.55 Updates Weekly - Last Update: 12/27 MBS / Treasuries UMBS 30YR 5.5 100.77 +0.44 Price / Yield Change MBS UMBS 5.5 100.70 +0.38 UMBS 6.0 101.75 +0.25 GNMA 5.5 100.84 +0.38 GNMA 6.0 101.70 +0.20 Pricing as of: 12/27 5:31PM EST 10 Year US Treasury 3.7890 -0.1080 Price / Yield Change US Treasury 2 YR Treasury 4.242 -0.114 5 YR Treasury 3.792 -0.099 7 YR Treasury 3.811 -0.110 10 YR Treasury 3.789 -0.108 30 YR Treasury 3.947 -0.100 Pricing as of: 12/27 5:31PM EST Latest Video The housing supply may not be able to keep up with demand next year, says W... There will be an increase in lending in 2024, says ConnectOne Bank CEO Home prices are expected to be flat in 2024, says Zillow's Skylar Olsen Homebuyers always respond to lower interest rates, says NAR's Lawrence Yun Around the Web Calculated Risk Blog Fannie and Freddie Serious Delinquencies in November: Single Family Mostly Unchanged, Multi-Family Increased Eye on Housing Top Posts: The Aging Housing Stock CNBC Cars are losing their value at a slower rate CNBC The U.S. avoided a recession in 2023. Whats the outlook for 2024? Heres what experts are predicting CNBC 10-year Treasury yield dips as investors weigh the 2024 outlook for interest rates Eye on Housing Top Posts: Building Materials Calculated Risk Blog Inflation Adjusted House Prices 2.4% Below Peak; Price-to-rent index is 6.7% below recent peak CNBC October home prices post biggest gain of 2023, despite higher mortgage rates, says S&P Case-Shiller Calculated Risk Blog Comments on October Case-Shiller and FHFA House Prices Calculated Risk Blog FHFAs National Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores CNBC Treasury yields dip as final week of the year kicks off CNBC CNBC Daily Open: Inflation mission accomplished? CNBC European shares set to climb as global stock markets near record highs

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