Mortgage Rates Erase Some of Last Week's Huge Improvement

In and of itself, today would rank among the handful of "worst days" of any given year in term of mortgage rate movement. In other words, comparing today's rates to Friday's shows a big jump relative to the average day. Specifically, most lenders are offering rates that are at least an eighth of a percent (.125%) higher versus Friday morning. All that having been said, this is a prime opportunity to "put things in perspective." Here's how the rate index chart looks after today's "big" losses. In other words, the bond market retains much of what it gained last week. These sorts of corrections are common in situations like this. They don't tell us much about the future. If anything, it's more of a confirmation that last week's drop was as big and impressive as it seemed at the time. In the coming days, we'll see whether this is the start of a deeper give-back or just a token bounce after a huge move. The US Treasury auction cycle is one of the only sources of guidance on the calendar when it comes to rate momentum this week. Auction results are announced at 1pm ET on each of the next 3 days and that could lead to more volatile bond trading shortly thereafter (volatile bond trading, in turn, leads to changes in mortgage rate offerings--sometimes even in the middle of the day).

November 6, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Erase Some of Last Week's Huge Improvement In and of itself, today would rank among the handful of "worst days" of any given year in term of mortgage rate movement. In other words, comparing today's rates to Friday's shows a big jump relative to the average day. Specifically, most... (read more) MBS Commentary Acceptable Consolidation After an Epic Week Bonds are starting the new week in slightly weaker territory. There are not compelling motivations for the move in terms of data, events, or headlines, but that doesn't mean we don't have any justification. In fact, a rally as big as the ... (read more) Rob Chrisman Best Ex, Workflow, Subservicer Audit, Fulfillment Products ; FHA, VA, USDA News; Mr. Cooper's Cyberattack Do you use make up? Charles Revson of Revlon observed, back in the days when you could observe these things, "In the factory, we make cosmetics; in the store, we sell hope.” Informed mortgage people know that hope is not a strategy, and companies can... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.48% +0.10% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.48% +0.10 0.00 15 Yr. Fixed 6.86% +0.11 0.00 30 Yr. FHA 6.84% +0.13 0.00 30 Yr. Jumbo 7.83% +0.08 0.00 5/1 ARM 7.17% +0.09 0.00 30 Yr. VA 6.85% +0.15 0.00 Updates Daily - Last Update: 11/6 15 Yr. Fixed Rate 6.86% +0.11% Rate Change Points Freddie Mac 30 Yr. Fixed 7.76% -0.03 0.00 15 Yr. Fixed 7.03% 0.00 0.00 Updates Weekly - Last Update: 11/2 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.86% -0.04 0.73 15 Yr. Fixed 7.14% +0.06 1.22 30 Yr. Jumbo 7.80% +0.02 0.67 Updates Weekly - Last Update: 11/1 MBS / Treasuries UMBS 30YR 6.0 98.72 -0.42 Price / Yield Change MBS UMBS 6.0 98.72 -0.42 UMBS 6.5 100.56 -0.28 GNMA 6.0 99.28 -0.44 GNMA 6.5 100.70 -0.20 Pricing as of: 11/6 5:31PM EST 10 Year US Treasury 4.6530 +0.0760 Price / Yield Change US Treasury 2 YR Treasury 4.939 +0.094 5 YR Treasury 4.596 +0.089 7 YR Treasury 4.650 +0.086 10 YR Treasury 4.653 +0.076 30 YR Treasury 4.821 +0.052 Pricing as of: 11/6 5:31PM EST Latest Video Expect higher interest rates in 2024, says Bleakley's Peter Boockvar Why the Fed should be worried about commercial real estate Richmond Fed President Tom Barkin: I would like to see inflation continuing... Consumer's credit scores have held up despite putting on more debt Around the Web Calculated Risk Fed Senior Loan Officer Survey: Banks reported Tighter Standards, Weaker Demand for All Loan Types Calculated Risk Blog ICE (Black Knight) Mortgage Monitor: "Its fair to expect prices to weaken later in 2023" Calculated Risk Blog Housing November 6th Weekly Update: Inventory Still Increasing, Up 0.8% Week-over-week CNBC These states have the highestand lowestmillennial homeownership rates in America Eye on Housing Type of Parking Facility of New Single-Family Houses Completed: 2022 Data CNBC Treasury yields rise as investors consider interest rate outlook redfin Housing Market Update: A Record Share of Home Sellers Drop Prices As High Rates Cut Into Buyers’ Budgets Eye on Housing Job Growth Slows in October Good News for Interest Rates Marketwatch Interest rate cuts? Hopes for a Fed policy pivot resurface, sparking a surge in a popular Treasury bond fund CNBC Here's where the jobs are for October 2023 in one chart CNBC Cooling job market no reason for panic yet, say economists: 'It's a slowdown, not a collapse' Marketwatch Fed's Barkin says October data shows gradual cooling of job market CNBC European markets set to start the week in mixed territory

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