Mortgage Rates Move Lower For Third Straight Day

We're in the middle of a 4 day week culminating in one of the most important events of the year for interest rates. Thursday morning brings the release of the Consumer Price Index (CPI)--an inflation report that has resulted in bigger market movement than any other economic report this year. Rates have spiked at the fastest pace in 40 years due to inflation and the Federal Reserve's inflation-fighting policies. CPI reports have consistently suggested it's not yet time to back down from those policies. Each new instance of the data offers the opportunity for that to change (or to be reinforced). The 3 days of this week before the CPI data can't possibly hope to compete. Sure, the news cycle may be focused on mid-term elections, but even the most extreme examples of mid-term related rate volatility pale in comparison to what's at stake on Thursday. As such, there's not much for the bond market to do between now and then. In the bigger picture, today's bond market movement amounts to an inconsequential drift. Fortunately, in today's case, the drift was friendly. Bonds started the day flat, but improved in the late AM hours before leveling off in the afternoon. Many mortgage lenders were able to offer modest improvements to the day's initial rate offerings. The average lender is still offering conventional 30yr fixed rates over 7% on top tier scenarios, but closer to 7% when compared to yesterday. Note: in many cases the actual interest rate quoted between today and yesterday would be the same and the improvement would be seen in the form of lower upfront costs.

November 8, 2022 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Move Lower For Third Straight Day We're in the middle of a 4 day week culminating in one of the most important events of the year for interest rates. Thursday morning brings the release of the Consumer Price Index (CPI)--an inflation report that has resulted in bigger market mo... (read more) MBS Commentary Super Sideways After Solid Gains, But Nothing Matters Until Thursday Super Sideways After Solid Gains, But Nothing Matters Until Thursday Today's news cycle was dominated by political commentary. While this probably matters to the market to some extent and in some unfore... (read more) Rob Chrisman MLO Jobs; Subservicing Notarization, Sales Tools; Opting out of Trigger Leads; Election Day This morning I head from Chicago to Atlanta, with a corresponding change in temperatures (20 degrees) and snow readiness (even the Chicago garbage trucks can be outfitted with plows; an inch of snow in Atlanta can paralyze the city for a day). “Don’t... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.21% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.21% -0.04 0.00 15 Yr. Fixed 6.55% -0.07 0.00 30 Yr. FHA 6.75% -0.05 0.00 30 Yr. Jumbo 6.31% -0.04 0.00 5/1 ARM 6.75% -0.15 0.00 30 Yr. VA 6.80% -0.02 0.00 Updates Daily - Last Update: 11/8 15 Yr. Fixed Rate 6.55% -0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 6.95% -0.13 0.80 15 Yr. Fixed 6.29% -0.07 1.20 5/1 Yr. ARM 5.95% -0.01 0.20 Updates Weekly - Last Update: 11/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.06% -0.10 0.73 15 Yr. Fixed 6.37% -0.02 1.05 30 Yr. Jumbo 6.55% +0.02 0.70 Updates Weekly - Last Update: 11/2 MBS / Treasuries UMBS 30YR 5.0 96.77 +0.56 Price / Yield Change MBS UMBS 5.0 96.77 +0.56 UMBS 5.5 98.84 +0.47 GNMA 5.0 97.22 +0.56 GNMA 5.5 99.31 +0.42 Pricing as of: 11/8 5:31PM EST 10 Year US Treasury 4.1276 -0.0901 Price / Yield Change US Treasury 2 YR Treasury 4.653 -0.075 5 YR Treasury 4.296 -0.099 7 YR Treasury 4.212 -0.105 10 YR Treasury 4.128 -0.090 30 YR Treasury 4.278 -0.043 Pricing as of: 11/8 5:31PM EST Latest Video The Fed is looking at the wrong housing indicators, says Wharton's Jeremy S... For the Fed to reach its inflation target, it has to get the unemployment r... The 2pm Bond Report — November 8, 2022 The 9am Bond Report - November 8, 2022 Around the Web Calculated Risk Blog Update: Framing Lumber Prices Close to Pre-Pandemic Levels CNBC The 10 U.S. cities where the first year of homeownership is the most expensive CNBC U.S. likely headed for mild recession in 2023, former Boston Fed President Eric Rosengren says Calculated Risk Blog CPI Preview and Owners' equivalent rent CNBC Homeowners have lost $1.5 trillion in equity since May, as home prices drop Calculated Risk Blog 1st Look at Local Housing Markets in October CNBC Consumer confidence in the housing markets hits a new low, according to Fannie Mae Freddie Mac Freddie Mac Reports Net Income of $1.3 Billion for Third Quarter 2022 Calculated Risk Blog Wholesale Used Car Prices Declined in October; Prices Down 10.6% Year-over-year fannie mae Fannie Mae Reports Net Income of $2.4 Billion for Third Quarter 2022 Calculated Risk Blog Housing November 7th Weekly Update: Inventory Decreased Slightly Week-over-week CNBC Treasury yields hold steady ahead of U.S midterm elections Calculated Risk Blog Leading Index for Commercial Real Estate Increases in October

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