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  • Mortgage Rates Mostly Unchanged Near Aggressive Levels

    Lender loan pricing is ever so slightly improved today. An afternoon MBS rally allowed a few lenders to reprice for the better as well, but overall mortgage rates are pretty much the same as yesterday. Reports from fellow mortgage professionals indicate the par 30 year conventional mortgage rate continues to hold in the 4.875% to 5.125% range for well qualified consumers. To secure a par interest rate on a conventional mortgage you must have a FICO credit score of 740 or higher, a loan to value of 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. You may elect to pay less or no fees, but you will have to accept a higher interest rate. No cost loans are in the 5.375% to 5.50% area. I still favor locking all loans closing within the next 30 days as the strategy of “lock the price highs, float the price lows” continues to be successful. ...

  • Mortgage Rates Take One Step Forward Then One Step Back

    Mortgage rates did improve today, but the Treasury Department will announce the terms of next week's government debt auctions at 11am tomorrow. The Treasury will sell 2 year notes, 5 year notes, and 7 year notes. New supply of debt on the market can pressure interest rates higher. With rates holding near the lowest levels of the year, I continue to favor locking loans closing and funding in the next 30 days. Even if benchmark Treasury yields do rally in the next few days, mortgage rates will find it difficult to move much lower....

  • Stock Rally Pushes Mortgage Rates Higher

    Despite mortgage rates bumping a few basis points higher, I continue to favor locking. Stocks seem like an unstoppable force moving higher plus we have more Treasury auction supply coming on Thursday. Both of these factors are pressuring mortgage rates higher. Additionally, mortgage rates are only 0.125% away from the best rates of the year so you do not have much to gain by floating. ...

  • Mortgage Rates Led Higher By Another Surge in Benchmark Yields

    Yesterday was either the beginning of rates moving higher or just a temporary correction. If your lender is still offering the same rate they were offering two days ago, lock! If the cost of borrowing has risen, which is the likely case, I think you should cautiously float at this point. The damage has been done and there is no need to panic just yet. We think the 10 year yield and MBS prices have some room to weaken before turning around. If a recovery rally does occur, I will continue to cautiously float until the rebound rally loses momentum. Lock at the price highs, float at the price lows has worked all year. Considering this spike in mortgage rates was not a function of the Fed's MBS Purchase Program coming to an end, I think it makes sense to give our long-standing strategy a chance to play out before locking. ...

  • Mortgage Rates Fully Recovered from Recent Uptick. Energy Building in Benchmarks

    The par 30 year conventional rate mortgage has once again declined to the 4.75% to 5.00% range for well qualified consumers .Over the past two days benchmark Treasury yields and MBS prices have barely budged from a tight trading range. Trading has been very slow as market participants have been unmotivated by recent headline news developments and a generally slow economic calendar. ...

  • Mortgage Borrowing Costs Move Marginally Lower After Reprices

    It was a very slow day in the mortgage market. Mortgage-backed security prices opened lower which forced many lenders to publish mortgage rates higher than they were set on Friday. However, modest improvements in benchmark Treasury yields helped MBS prices recover from intra-day price lows. This allowed some lenders to republish rates for the better after lunch. Reports from fellow mortgage professionals indicate lender rate sheets to be improved from Friday. The par 30 year conventional rate mortgage does remain in the 4.875% to 5.125% range for well qualified consumers. After the reprices for the better there are a few lenders offering 4.75%. ...

  • Mortgage Rates Rise Ahead of Treasury Auction. Fail to Recover Afterward

    Yesterday I informed you that the most significant threat to mortgage rates was today's 10 year Treasury note auction and the 30 year bond auction scheduled to happen tomorrow. Well, benchmark yields started rising before the auction even occurred! This forced MBS prices lower and resulted in lenders raising mortgage rates early in the day. Higher rates did not reverse course after the auction either, regardless of strong demand. ...

  • Mortgage Rates Prepare for Busy Week of Econ Data

    With the Employment Situation report due out later this week and mortgage rates holding at the best levels of the year, I continue to advise locking. Without a fundamental shift in economic outlook (for the worse), I do not think we will see rates below current levels. If the employment situation report is much worse than expected, it might influence a fundamental shift and rates could possibly move lower. However, we have never seen mortgage rates for a 30 year fixed dropped below 4.5%(some lenders were offering 4.375% for clients with FICO’s above 740 and loan to values below 60%). So by floating, the most you could possibly gain is a 0.25% lower rate but you risk rates moving higher....and remember rates rise much faster than they fall. ...

  • Mortgage Rates Rise Ahead of FOMC Meeting and Treasury Auctions

    Reports from fellow mortgage professionals indicate lender rate sheets to be worse than Friday. The par 30 year conventional rate mortgage has risen to the 4.875% to 5.125% range for well qualified consumers.These rates are the most aggressive in the mortgage market, only very well qualified consumers will have access to these borrowing costs. To secure a par rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less. These quotes also assume the borrower is willing to pay all closing costs including an estimated one point loan origination/discount/broker fee. Your mortgage professional should be able to provide you with a breakeven analysis to determine the optimal fee vs interest rate. If you didn’t follow our LOCK advice from last week, that means you are still floating today. While lenders were likely conservative today, I am still favoring locking in loans. . ...

  • HVCC Petition Submitted; Mortgage Rates Hit Floor

    Reports from fellow mortgage professionals indicate that mortgage rates are unchanged from yesterday. The par 30 year conventional rate mortgage remains in the 4.625% to 4.875% range for well qualified consumers. To secure the par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. If you are seeking a 15 year term, you should expect a par rate in the 4.125% to 4.375% range with similar costs. Mortgage rates are testing the lower boundaries of their range. Given the currently expensive prices of MBS, we don't see much room left for mortgage rates to rally. Still in lock mode. ...
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.88%
  • |
  • 15 Yr FRM 3.25%
  • |
  • Jumbo 30 Year Fixed 4.14%
MBS Prices:
  • 30YR FNMA 4.5 106-20 (-0-06)
  • |
  • 30YR FNMA 5.0 108-01 (-0-05)
  • |
  • 30YR FNMA 5.5 108-30 (-0-03)
Recent Housing Data:
  • Mortgage Apps -1.01%
  • |
  • Refinance Index 0.83%
  • |
  • NAHB Builder Confidence 16.00%
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