Mortgage Rates Technically at Lowest Levels in a Month

The most prevalently quoted conventional 30yr fixed rates are at the lowest levels in a month as of today, but there are a few "yeah buts" that make that achievement look a bit less lofty. The first is that the rates seen on any day this week would have qualified for the same distinction if they'd remained intact today. Reason being: there was a big rate spike last month on April 10. On a related note, today's rates weren't appreciably lower than those seen on Tuesday. Still... lower is lower and we'll take it! Today's improvement wasn't guaranteed. It required some sacrifices in the economic data with Jobless Claims coming in higher than expected. Then in the afternoon, the scheduled auction of 30yr US Treasury Bonds was met with solid demand. Both events helped put downward pressure on rates with many lenders ultimately issuing mid day reprices with better terms. All of the above has played out in a very narrow range in the bigger picture. The big spike on April 10th was in a completely different league and it was exclusively a response to the Consumer Price Index (CPI). With that in mind, the next CPI will be released next Wednesday. It has just as much power to cause just as big of a move as it did last time, for better or worse.

May 9, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Technically at Lowest Levels in a Month The most prevalently quoted conventional 30yr fixed rates are at the lowest levels in a month as of today, but there are a few "yeah buts" that make that achievement look a bit less lofty. The first is that the rates seen on any day this week ... (read more) MBS Commentary Claims Make For "Nice" Start, But It's a Drop in a Much Bigger Bucket It is a starkly data-free week for all intents and purposes, but some economic reports are with us as always on a weekly basis. Thursday's initial jobless claims data is the most notable weekly report even though it rarely causes a reaction in ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.15% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.15% -0.05 0.00 15 Yr. Fixed 6.63% -0.03 0.00 30 Yr. FHA 6.61% -0.03 0.00 30 Yr. Jumbo 7.39% -0.02 0.00 7/6 SOFR ARM 7.34% +0.01 0.00 30 Yr. VA 6.62% -0.03 0.00 Updates Daily - Last Update: 5/9 15 Yr. Fixed Rate 6.63% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 7.09% -0.13 0.00 15 Yr. Fixed 6.38% -0.09 0.00 Updates Weekly - Last Update: 5/9 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.24% +0.11 0.66 15 Yr. Fixed 6.75% +0.11 0.64 30 Yr. Jumbo 7.45% +0.05 0.56 Updates Weekly - Last Update: 4/24 MBS / Treasuries UMBS 30YR 6.0 100.23 +0.17 Price / Yield Change MBS UMBS 6.0 100.23 +0.17 UMBS 6.5 101.62 +0.06 GNMA 6.0 101.16 +0.25 GNMA 6.5 101.81 +0.23 Pricing as of: 5/9 5:31PM EST 10 Year US Treasury 4.4570 -0.0403 Price / Yield Change US Treasury 2 YR Treasury 4.812 -0.024 5 YR Treasury 4.469 -0.031 7 YR Treasury 4.460 -0.033 10 YR Treasury 4.457 -0.040 30 YR Treasury 4.612 -0.030 Pricing as of: 5/9 5:31PM EST Latest Video Housing has hit rock bottom, says Redfin CEO Glenn Kelman Goldman Sachs' Lindsay Rosner: Fed rate cuts are 'coming' this year U.S. consumer is facing intense inflationary pressure, says Lidl U.S. CEO J... REITs outperform in a higher interest rate environment, says BMO Capital's ... Around the Web Marketwatch 'What's the f-ing point': With mortgage rates above 7%, home buyers are still getting outbid by all-cash offers CNBC Weekly jobless claims jump to 231,000, the highest since August CNBC 'It's our duty': Bank of England chief says cutting rates just before a UK election wouldn't be an issue Calculated Risk Blog Realtor.com Reports Active Inventory Up 35.1% YoY; New Listings Up 3.6% YoY Marketwatch Fed's Collins says she's not surprised by unwelcome inflation data CNBC CFPB rule to save Americans $10 billion a year in late fees faces possible last-minute freeze Eye on Housing At 2022 Rates, 10 Million More Households Could Afford a New Home Calculated Risk Blog Housing Starts: Record Average Length of Time from Start to Completion in 2023 Calculated Risk Blog 1st Look at Local Housing Markets in April CNBC Bank of England holds interest rates steady, but signals a cut is coming CNBC 10-year Treasury yield rises as investors consider remarks from Fed officials Eye on Housing Multifamily Developer Confidence Declines in First Quarter Calculated Risk Blog Update: Lumber Prices Mostly Unchanged YoY

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