Mortgage Rates Fully Erase Last Week's Spike

Mortgage rates had a rough go of it in the 4 days following Memorial Day weekend (i.e. last week). To be fair, the tough part was limited to the first two days. Thursday and Friday both helped to undo some of that damage, but the average lender was still at higher levels compared to the week before the holiday weekend. That has changed today. The bond market (which dictates rate movement) was hungry for more economic data to provide directional cues and rates readily responded to today's top offering. The widely-followed ISM manufacturing index came out weaker than the median forecast, both in terms of overall activity and in the component that measures price pressure. Prices are still elevated according to this data, but they made a nice move in the other direction, thus putting an end to a disconcerting spike that had dominated the year so far. Sharp improvements in the bond market led to another nice drop in mortgage rates. The average lender is now back to the lowest levels in nearly 2 weeks, but not yet back to the recent lows seen on May 15th.

June 3, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Fully Erase Last Week's Spike Mortgage rates had a rough go of it in the 4 days following Memorial Day weekend (i.e. last week). To be fair, the tough part was limited to the first two days. Thursday and Friday both helped to undo some of that damage, but the average lender... (read more) MBS Commentary Solid Gains Despite MBS Underperformance Solid Gains Despite MBS Underperformance US Treasuries had a tough time digesting auction supply last week, but have been nothing short of enthusiastic since then. This isn't to say the auction cycle wa... (read more) Rob Chrisman Fee Collection, Industry Report, LOS Insurance Tools; Disasters and Storms; Insurance Input Sought; USDA's New Map Time flies. It was four years ago many of us were watching the mess called “Tiger King. Summer is upon us again. “People are complaining about this being the hottest summer in the last 150 years. I'm more of a glass half full kind of guy. I'm thinkin... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.11% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.11% -0.06 0.00 15 Yr. Fixed 6.65% -0.05 0.00 30 Yr. FHA 6.62% -0.13 0.00 30 Yr. Jumbo 7.40% -0.05 0.00 7/6 SOFR ARM 7.28% -0.05 0.00 30 Yr. VA 6.65% -0.12 0.00 Updates Daily - Last Update: 6/3 15 Yr. Fixed Rate 6.65% -0.05% 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 6.0 100.38 +0.26 Price / Yield Change MBS UMBS 6.0 100.38 +0.26 UMBS 6.5 101.81 +0.16 GNMA 6.0 100.75 +0.16 GNMA 6.5 101.55 +0.07 Pricing as of: 6/3 5:31PM EST 10 Year US Treasury 4.3933 -0.1043 Price / Yield Change US Treasury 2 YR Treasury 4.813 -0.060 5 YR Treasury 4.411 -0.096 7 YR Treasury 4.398 -0.107 10 YR Treasury 4.393 -0.104 30 YR Treasury 4.541 -0.106 Pricing as of: 6/3 5:31PM EST Latest Video The path for a soft landing has narrowed some, says WSJ's Nick Timiraos ISM manufacturing index lower than expected in May Retail earnings show consumers are 'keeping the spending going', says Jan K... PCE indicates economy 'inching towards stagflation,' says Michael Cuggino Around the Web Marketwatch Don't sleep on the possibility of a Fed rate cut in July, economists say Calculated Risk Blog Housing June 3rd Weekly Update: Inventory up 1.7% Week-over-week, Up 38.4% Year-over-year Eye on Housing More Gen Z Entering the Construction Industry Market Watch U.S. manufacturers shrink in May as orders drop. Industrial side of the economy is soft. Calculated Risk Blog ISM Manufacturing index Decreased to 48.7% in May Calculated Risk Blog Freddie Mac House Price Index Increased in April; Up 6.5% Year-over-year Calculated Risk Blog Construction Spending Decreased 0.1% in April Calculated Risk Blog ICE Mortgage Monitor: "Home Prices Cool for Second Straight Month in April" CNBC Treasury yields slip as investors look to key jobs data in week ahead Calculated Risk Blog Q2 GDP Tracking: 1.8% to 2.8% Eye on Housing Residential Construction AD&C Lending Declines Eye on Housing Private Residential Construction Spending Edges Up in April CNBC European markets set to open higher ahead of ECB decision later this week

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