Mortgage rates held steady today--a welcome development after yesterday's move higher. In the bigger picture, rates have done an acceptable job of moving back down after spiking at the fastest one-week pace in years 2 weeks ago. The entirety of last week was spent moving lower. Now this week's theme seems to be best described as holding steady. To quantify the timeline described above, the big spike in rates earlier this month took the average lender .375% to .50% higher in rate from the long term lows seen at the beginning of the month. Last week's improvements have only allowed lenders to drop rates by about .125% from those recent highs. The bond market (which dictates rates) is on the lookout for cues from two key sources at the moment. On the one hand , unscheduled, unexpected headlines

September 26, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.02%   6.11% 7.26% 15 Yr. Fixed 5.72% +0.02%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Sep 26, 2019 Much Calmer Day For Mortgage Rates Thu, Sep 26, 2019 3:59PM Mortgage rates held steady today--a welcome development after yesterday's move higher. In the bigger picture, rates have done an acceptable job of moving back down after spiking at the fastest one-week pace in years 2 weeks ago. The entirety of last week was spent moving lower. Now this week's theme seems to be best described as holding steady. To quantify the timeline described above, the big spike in rates earlier this month took the average lender .375% to .50% higher in rate from the long term lows seen at the beginning of the month. Last week's improvements have only allowed lenders to dr... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.02 0.00 15 Yr. Fixed 5.72% +0.02 0.00 30 Yr. FHA 6.00% +0.03 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.65% +0.02 0.00 30 Yr. VA 6.01% +0.02 0.00 Updates Daily - Last Update: 9/12 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 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 5.5 101.13 +0.02   97.47 101.61 UMBS 30YR 6.0 102.40 0.00   99.66 102.50 10 YR Treasury 4.066 +0.040   3.621 4.780 MBS Live Recap: Bonds Break 7-Day Winning Streak... Convincingly Wed, Sep 25, 2019 6:12PM First, let's talk about how big today's sell-off was.  In terms of 10yr yields, it fully erased the past 2 days of gains and some of the improvement seen last Friday.  10s were up nearly 9bps to 1.737%.  From a technical standpoint, yields firmly rejected a break below the 1.67% level (something that looked like a decent possibility with yes... (read more) MBS Price Change UMBS 5.0 99.63 +0.06 UMBS 5.5 101.13 +0.02 UMBS 6.0 102.40 0.00 GNMA 5.0 100.00 -0.08 GNMA 5.5 101.13 -0.08 GNMA 6.0 102.01 -0.04 Pricing as of: 9/13 7:05PM EST US Treasury Yield Change 2 YR Treasury 3.553 +0.009 5 YR Treasury 3.630 +0.027 7 YR Treasury 3.816 +0.038 10 YR Treasury 4.066 +0.040 30 YR Treasury 4.681 +0.023 Pricing as of: 9/13 7:05PM EST Other News Summer Housing Boom Not Quite Done Yet According to Pending Sales Thu, Sep 26, 2019 10:16AM Pending home sales resumed their upward trajectory in August after declining 2.5 percent in July, making for positive results in three of the last four months. It was also the third winning sales report this month after solid existing and new home sales . The National Association of Realtors'® (NAR's) Pending Home Sales Index is a leading indicator of ex... (read more) Strong Summer Finale for New Home Sales Wed, Sep 25, 2019 10:37AM New home sales in August reclaimed part of July's sharp loss. The Census Bureau and Department of Housing and Urban Development said sales nationwide of newly constructed single-family houses was at a seasonally adjusted annual rate of 713,000 units. This was 7.1 percent higher than the adjusted July rate , originally estimated at a 12.8 percent loss, but re... (read more) Mortgage Volume Retreats 10% Due to "Economic Uncertainty" Wed, Sep 25, 2019 8:06AM Although changes in mortgage rates were gradual and mixed during the week ended September 20, mortgage volume moved sharply lower. Refinancing was especially hard hit. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 10.1 percent on a seasonally adjusted basis from one week earlier. On an unad... (read more) Non-Agency, Disclosure Products; Dive Into Economic News Pushing Rates Thu, Sep 26, 2019 8:56AM Depending on the product, 20-25% of the nation’s loans come from California. “Appraisal firms and appraisal management companies utilizing independent contractor appraisers in California, as well as any California appraisers working as independent contractors themselves, should get familiar with Assembly Bill 5 (AB-5) , California’s new &ls... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Calculated Risk Blog Merrill on September Employment NPR U.S. Income Inequality Worsens, Widening To A New Gap Reuters Fed's Clarida says inflation expectations in line with mandate Reuters White House acted to 'lock down' Trump-Ukraine call records - whistleblower Reuters Wall Street drops on tech slide, Washington turmoil Reuters U.S. business investment downturn could pressure slowing economy CNBC The Fed will need to grow its balance sheet 'permanently,' Morgan Stanley says Calculated Risk Blog Kansas City Fed: "Tenth District Manufacturing Edged Down in September" Bloomberg Lautenschlaeger's Exit Removes QE Opponent for Bond Investors Reuters U.S. weekly jobless claims rise marginally Calculated Risk Blog Q2 GDP Third Estimate: 2.0% Annual Rate CNBC US business investment much weaker in the second quarter than previously estimated Redfin Together, Homebuyers Who Bought at the Bottom of the Market in 2012 Have Earned $203 Billion in Equity

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