Mortgage Rates Start Higher But Recover Ahead of Key Inflation Report

Mortgage rates began the day at the highest levels in nearly 2 weeks. The underlying bond market had been losing ground steadily since last Thursday and there was some follow-through to that negative momentum early today. Weaker bonds = higher rates, all other things being equal. But bonds recovered from 10am through the end of the day and the specific bonds that underlie mortgage rates did even better than their Treasury benchmarks. This allowed almost every lender to issue updated, improved pricing in the afternoon. With that, lenders were fairly close to the rate offerings seen on Friday. All bets are off as far as tomorrow is concerned. The Consumer Price Index (CPI) will be released at 8:30am ET and it has the power to send rates sharply higher or lower depending on the outcome. CPI is the most important inflation report for the bond market and one of the only pieces of economic data that can rival the big jobs report when it comes to market movement potential. The key word here is "potential." CPI can always thread the needle and garner a mixed response in the market, but if it's significantly higher or lower than expected, rates will be on the move.

November 13, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Start Higher But Recover Ahead of Key Inflation Report Mortgage rates began the day at the highest levels in nearly 2 weeks. The underlying bond market had been losing ground steadily since last Thursday and there was some follow-through to that negative momentum early today. Weaker bonds = h... (read more) MBS Commentary All Eyes on CPI (Part 2) Last week ended up being a sideways dud in terms of the bond market's willingness to do anything new after the previous week's big rally. That said, the mere act of holding inside a relatively narrow range helps to confirm the previous week's r... (read more) Rob Chrisman Hedging, Automation, HELOC, MERS Audit, LO Benchmarking Products; Training Opportunities Whether it is an obscure band or an eatery in San Diego, a well-known palindrome is “tacocat.” Huh? Yes, it’s the same spelled backward or forward. You hadn’t heard that one? How about this one: “Rob, have you heard that when Lender XYZ funds a loan,... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.58% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.58% +0.02 0.00 15 Yr. Fixed 6.91% -0.01 0.00 30 Yr. FHA 6.98% +0.07 0.00 30 Yr. Jumbo 7.90% +0.03 0.00 5/1 ARM 7.25% +0.04 0.00 30 Yr. VA 6.99% +0.25 0.00 Updates Daily - Last Update: 11/13 15 Yr. Fixed Rate 6.91% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 7.50% -0.26 0.00 15 Yr. Fixed 6.81% -0.22 0.00 Updates Weekly - Last Update: 11/9 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.61% -0.25 0.69 15 Yr. Fixed 6.98% -0.16 0.88 30 Yr. Jumbo 7.58% -0.22 0.65 Updates Weekly - Last Update: 11/8 MBS / Treasuries UMBS 30YR 6.0 98.66 +0.20 Price / Yield Change MBS UMBS 6.0 98.66 +0.20 UMBS 6.5 100.38 +0.19 GNMA 6.0 99.23 +0.14 GNMA 6.5 100.69 +0.16 Pricing as of: 11/13 5:31PM EST 10 Year US Treasury 4.6380 -0.0080 Price / Yield Change US Treasury 2 YR Treasury 5.033 -0.036 5 YR Treasury 4.661 -0.019 7 YR Treasury 4.687 -0.020 10 YR Treasury 4.638 -0.008 30 YR Treasury 4.754 -0.002 Pricing as of: 11/13 5:31PM EST Latest Video New housing construction and the Fed cutting rates will help spur housing t... New York Fed inflation expectations remain steady amid slowing earnings gro... Former Kansas City Fed President Esther George: We are seeing signs of cool... 10-year is a more important indicator today than Fed funds rate, says Citi'... Around the Web CNBC To buy a house in today's market, more people turn to an alternative lender: their parents Wall Street Journal Holiday Hiring Demand Drops Off, a Warning for Job Market Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-November CNBC Consumer spending fell in October, according to new CNBC/NRF Retail Monitor tracking card transactions Calculated Risk Blog A Few Comments on a Possible Government Shutdown Calculated Risk Blog Housing November 13th Weekly Update: Inventory Mostly Flat Week-over-week CNBC Treasury yields rise as investors assess U.S. economic outlook Calculated Risk Blog When will the Fed Cut Rates? Calculated Risk Blog MBA: Mortgage Delinquencies Increase in the Third Quarter of 2023 CNBC Moody's cuts USA outlook to negative, citing higher interest rates and deficits Eye on Housing Demand Falls, Standards Remain Tight for Real Estate Loans in Q3 2023 cnbc Fed’s Mary Daly says it’s ‘too early to declare victory’ on inflation CNBC Fed's Mary Daly says it's 'too early to declare victory' on inflation

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