Mortgage Rates Move Lower After 2-Day Rout, But Underwhelmingly So

Wednesday was one of the worst days in decades in terms of single-day upward movement in mortgage rates. Thursday added a bit more insult to the injury. The resulting levels were the highest since November 2023. We should be thankful, then, that Friday managed to push back in the other direction, but it would be easier to be a lot more thankful if the improvement was a bit more robust. Of course, things could have been worse. We could have continued to even higher rates, so the lamentation here is a being intentionally dramatized a bit. Nonetheless, it's a worth noting that the average lender is still basically right in line with the levels that broke our hearts on Wednesday afternoon. The optimists out there can cheer the fact that we mostly erased Thursday's additional bump. The rest of us will continue aspiring to live with such a glass-half-full mentality. As for the nuts and bolts, the bond market improved overnight and then slowly deteriorated for most of the domestic trading session. The movement wasn't big enough for most mortgage lenders to change rate sheets over the course of the day. Instead, they set rates fairly conservatively in the morning (if they hadn't, we likely would have seen some upward adjustments in the afternoon). The average lender is still in the 7.25-7.375% range for a top tier conventional 30yr fixed, but it's easier to quote 7.125% today with some additional upfront cost.

April 12, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Move Lower After 2-Day Rout, But Underwhelmingly So Wednesday was one of the worst days in decades in terms of single-day upward movement in mortgage rates. Thursday added a bit more insult to the injury. The resulting levels were the highest since November 2023. We should be thankfu... (read more) MBS Commentary Much Stronger Start With Bonds Following Gains in Europe Bonds began the overnight session in modestly stronger territory but the gains started adding up in earnest after European markets opened for the day. A slew of respectable inflation readings and another survey on inflation trajectory helped ju... (read more) Rob Chrisman Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.30% -0.07% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.30% -0.07 0.00 15 Yr. Fixed 6.75% -0.07 0.00 30 Yr. FHA 6.70% -0.05 0.00 30 Yr. Jumbo 7.51% -0.04 0.00 7/6 SOFR ARM 7.20% -0.05 0.00 30 Yr. VA 6.72% -0.03 0.00 Updates Daily - Last Update: 4/12 15 Yr. Fixed Rate 6.75% -0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 6.88% +0.06 0.00 15 Yr. Fixed 6.16% +0.10 0.00 Updates Weekly - Last Update: 4/11 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.01% +0.10 0.59 15 Yr. Fixed 6.46% +0.11 0.60 30 Yr. Jumbo 7.13% +0.07 0.56 Updates Weekly - Last Update: 4/10 MBS / Treasuries UMBS 30YR 5.5 97.98 +0.29 Price / Yield Change MBS UMBS 5.5 97.98 +0.29 UMBS 6.0 99.79 +0.23 GNMA 5.5 98.73 +0.15 GNMA 6.0 100.41 +0.21 Pricing as of: 4/12 5:31PM EST 10 Year US Treasury 4.5185 -0.0726 Price / Yield Change US Treasury 2 YR Treasury 4.896 -0.070 5 YR Treasury 4.554 -0.083 7 YR Treasury 4.541 -0.084 10 YR Treasury 4.519 -0.073 30 YR Treasury 4.625 -0.054 Pricing as of: 4/12 5:31PM EST Latest Video Consumer sentiment misses expectations Fidelity's Jurrien Timmer: Two rate cuts are still plausible this year U.S. import prices rise 0.4% in March Retail sales grew in March, CNBC/NRF Retail Monitor shows Around the Web Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-April 2024 Marketwatch Feds Schmid calls for patience before making any change in interest rates Marketwatch Consumer sentiment falls in April on worries about sticky inflation Calculated Risk Blog Q1 GDP Tracking: Around 2% CNBC Oil prices bounce back as Israel reportedly preparing for Iran attack this weekend Reuters German inflation eases to lowest in almost three years Calculated Risk Blog Realtor.com Reports Active Inventory UP 30.4% YoY; New Listings Up 30.1% YoY Eye on Housing Single-Family Permits Performing Well in February 2024 CNBC Bank of England scraps outdated inflation forecasting model in major overhaul after Fed boss' review CNBC Producer Price Index: CNBC Explains CNBC Treasury yields fall as investors weigh state of economy Reuters Economists confident euro zone inflation will fall to 2% - ECB poll - Reuters Reuters Euro zone yields drop on ECB policy path repricing, geopolitical risks - Reuters News

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