Mortgage rates were roughly unchanged today. That's an appalling reality considering the movement in underlying bond markets. Bonds--specifically, mortgage-backed securities (MBS)--are the primary input used by mortgage lenders in determining rates. As bonds improve, mortgage rates tend to improve as well. There can certainly be some input lag (i.e. bonds can move first and lenders need time to catch up or let volatility play out), but it's rare to see substantial improvement in bonds and limited improvement in mortgage rates. Yet that's just what we're seeing today. What gives?! The first part of the issue is the relationship between MBS and broader bond markets. It's common to see mortgages discussed in the context of 10yr Treasury yields because MBS and 10yr Treasuries behave similarly over

October 24, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.37% +0.15%   6.13% 7.26% 15 Yr. Fixed 5.88% +0.13%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.11%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Oct 24, 2018 Mortgage Rates Appallingly Unchanged Relative to Market Movement Wed, Oct 24, 2018 4:22PM Mortgage rates were roughly unchanged today. That's an appalling reality considering the movement in underlying bond markets. Bonds--specifically, mortgage-backed securities (MBS)--are the primary input used by mortgage lenders in determining rates. As bonds improve, mortgage rates tend to improve as well. There can certainly be some input lag (i.e. bonds can move first and lenders need time to catch up or let volatility play out), but it's rare to see substantial improvement in bonds and limited improvement in mortgage rates. Yet that's just what we're seeing today. What gives?! The first par... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.37% +0.15 0.00 15 Yr. Fixed 5.88% +0.13 0.00 30 Yr. FHA 6.05% +0.10 0.00 30 Yr. Jumbo 6.25% +0.11 0.00 7/6 SOFR ARM 5.77% +0.12 0.00 30 Yr. VA 6.07% +0.09 0.00 Updates Daily - Last Update: 9/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.26% -0.09 0.00 15 Yr. Fixed 5.41% -0.09 0.00 Updates Weekly - Last Update: 9/18 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.50 -0.04   95.05 100.47 UMBS 30YR 5.5 101.07 +0.00   97.47 101.61 10 YR Treasury 4.109 +0.005   3.706 4.780 MBS Live Recap: Bonds More Willing to Listen to Stocks' Sob Story Wed, Oct 24, 2018 4:56PM Yesterday was ' neat ' for a while--at least in the morning hours when massive stock losses helped bonds achieve their best levels in weeks.  Then stocks bounced in the afternoon and most of the bond market gains were erased. Today was a carbon copy in many regards although the stock selling was more abrupt.  It also never enjoyed the same sort... (read more) MBS Price Change UMBS 4.5 97.41 -0.06 UMBS 5.0 99.50 -0.05 UMBS 5.5 101.07 +0.00 GNMA 4.5 97.51 +0.01 GNMA 5.0 99.74 -0.02 GNMA 5.5 100.90 +0.01 Pricing as of: 9/18 11:29PM EST US Treasury Yield Change 2 YR Treasury 3.562 -0.002 5 YR Treasury 3.663 -0.004 7 YR Treasury 3.855 +0.004 10 YR Treasury 4.109 +0.005 30 YR Treasury 4.728 +0.004 Pricing as of: 9/18 11:29PM EST Other News New Home Sales Drop Sharply; Near 2 Year Lows Wed, Oct 24, 2018 11:06AM New home sales managed to pull out a gain last time they were reported. The question was, with an improving inventory but rising interest rates, could they do it again? Analysts were pessimistic, but not quite pessimistic enough. Sales of newly constructed homes fell in September by 5.5 percent to a seasonally adjusted annual rate of 553,000. Even worse news... (read more) Hurricane Florence, Seasonal Trends Conspire to Boost Mortgage Delinquencies Wed, Oct 24, 2018 10:26AM Mortgage delinquencies surged by 13.2 percent in September, the largest single-month increase since November 2008. But despite the ominous connotations of that comparison, Black Knight attributed the September rise to the calendar and Mother Nature rather than the economy. The company says that delinquencies tend to rise in September and have done so in 16 o... (read more) FHFA Says Annual Price Gains Still Over 6 Percent Wed, Oct 24, 2018 10:24AM Like most measures of monthly home price appreciation, the Federal Housing Finance Agency's House Price Index (HPI) has slowed in recent months but not quite as much as others. That index, which is based on the sales prices of homes financed with mortgages from either Freddie Mac or Fannie Mae, rose 0.3 percent in August on a seasonally adjusted basis. The J... (read more) Non-QM, Tech, Sales Products; M&A Continues; U.S. Bank Correspondent Reorganization Wed, Oct 24, 2018 9:06AM Lenders, investors, and servicers don’t like bankruptcy, and for good reason. Thank you to Brian B. up in New Jersey who sent along this note about how courts are beginning to try to stem the tide of serial debtors who file multiple petitions for bankruptcy protection. “Recently, the U.S. Court of Appeals for the Seventh Circuit issued an opinion... (read more) Latest Video Fed talks tariffs and labor market in Beige Book New home sales weigh on housing data Fed's Mester says she will not adjust policy stance due to recent drop in m... Around the Web Reuters Stocks fall on global worries while Treasuries rise Calculated Risk Blog Fed's Beige Book: Economic Growth "modest to moderate", Some Housing Weakness Reuters Wall Street drops as chipmakers fan corporate growth fears Calculated Risk Blog A few Comments on September New Home Sales Calculated Risk Blog AIA: "Architecture firm billings slow but remain positive in September" CNBC 3 in 5 Americans say their finances haven't improved since the 2016 election CNBC Fed's Kaplan: 'We no longer need to be stimulating the US economy' Redfin 2018 Migration Trends accelerate as more people look to leave Denver, San Francisco, and Los Angeles Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Increased in September Bloomberg Realtors Spend Record $26 Million on Lobbying CNBC Trump directly attacks Fed Chairman Powell, saying 'Obama had zero' interest rates: report consumerfinancemonitor.com CFPB Releases HMDA 2019 Filing Instructions Guide Reuters Wall St. falls on earnings worries but pares losses

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