Mortgage Rates Jump to Highest Levels Since Last Monday

Mortgage rates moved noticeably higher to start the new week--high enough that you'd have to go back to last Monday to see anything higher. That's the bad news. The good news is that rates are in the midst of their flattest trend in a long time. This is true both in a broad sense going back to Q4 2022 and a more recent/narrow sense going back to mid-March. Since then, the top tier 30yr fixed rate hasn't strayed too far from 6.5% despite spending time on both sides of that level. Today's news and events were forgettable in the bigger picture--at least when it comes to rate movement. Esoteric factors like elevated corporate bond issuance can take the blame, but the justifications ultimately matter very little if rates are staying near the center of the prevailing range. The biggest risk for a move away from that range in the near future will be on Wednesday morning with the release of the Consumer Price Index (CPI).

May 8, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Jump to Highest Levels Since Last Monday Mortgage rates moved noticeably higher to start the new week--high enough that you'd have to go back to last Monday to see anything higher. That's the bad news. The good news is that rates are in the midst of their flattest trend in a long tim... (read more) MBS Commentary Rising Rates Reiterate Relevance of The Range Rising Rates Reiterate Relevance of The Range Bonds were in weaker shape right from the start. Holiday closures in London made for lower volume. Lower volume made it easier for European trading to... (read more) Rob Chrisman Productivity, Non-QM, CRM, Automation Products; ChatGPT, AI, and the Mortgage Industry Amidst the seemingly week mass shootings and violence, individual deaths stand out. Heartfelt condolences go out to Jennifer and Dan Gilbert, of Rocket Mortgage, over the death of their 26 year old son Nick. No parent should have to deal with the dea... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.65% +0.15% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.65% +0.15 0.00 15 Yr. Fixed 6.04% +0.10 0.00 30 Yr. FHA 6.25% +0.10 0.00 30 Yr. Jumbo 6.35% +0.08 0.00 5/1 ARM 6.71% -0.02 0.00 30 Yr. VA 6.24% +0.06 0.00 Updates Daily - Last Update: 5/8 15 Yr. Fixed Rate 6.04% +0.10% Rate Change Points Freddie Mac 30 Yr. Fixed 6.39% -0.04 0.00 15 Yr. Fixed 5.76% +0.05 0.00 Updates Weekly - Last Update: 5/4 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.55% +0.12 0.63 15 Yr. Fixed 6.03% +0.14 0.56 30 Yr. Jumbo 6.40% +0.12 0.50 Updates Weekly - Last Update: 4/26 MBS / Treasuries UMBS 30YR 5.0 99.28 -0.34 Price / Yield Change MBS UMBS 5.0 99.28 -0.34 UMBS 5.5 100.66 -0.22 GNMA 5.0 99.50 -0.22 GNMA 5.5 100.41 -0.14 Pricing as of: 5/8 5:31PM EST 10 Year US Treasury 3.5110 +0.0760 Price / Yield Change US Treasury 2 YR Treasury 4.005 +0.087 5 YR Treasury 3.493 +0.083 7 YR Treasury 3.495 +0.083 10 YR Treasury 3.511 +0.076 30 YR Treasury 3.825 +0.075 Pricing as of: 5/8 5:31PM EST Latest Video Here's why Wharton's Jeremy Siegel thinks the bar is 'extremely high' for a... Commercial real estate will be the next issue in 6 to 9 months, says CLS Ba... More banks will fail unless the Fed gives them 'some more breathing room', ... Treasury rates rise into mid-week inflation data Around the Web CNBC Fed report shows banks worried about conditions ahead, with focus on slowing economy and deposit outflows Calculated Risk Blog Housing May 8th Weekly Update: Inventory Decreased 0.6% Week-over-week CNBC Outlook for household spending slumped in April, New York Fed survey shows Calculated Risk Blog Fannie "Real Estate Owned" inventory essentially unchanged in Q1 Black Knight Black Knights April 2023 Originations Market Monitor Calculated Risk Blog Lawler: American Homes 4 Rent Net Seller of Single-Family Homes Last Quarter Calculated Risk Blog Early Look at Local Housing Markets in April CNBC U.S. Treasury yields edge lower after surging on April's jobs report CNBC Regional banks rebound for a second day as PacWest cuts dividend, says business 'fundamentally sound' CNBC Used vehicle prices fell last month for the first time in 2023 CNBC Job growth totals 253,000 in April, beating expectations even as the U.S. economy slows Calculated Risk Blog Comments on April Employment Report CNBC Regional bank stocks rebound on Friday, but still headed for steep losses on the week

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