30 Year Fixed
3.23%    +0.04
15 Year Fixed
2.60%    +0.04
10YR Treasury
1.69%    +0.0285
Another Day; Another Long-Term High For Rates
October 21, 2021

Mortgage rates haven't really been able to catch a break recently.  This week is shaping up to be one of the worst since March.  Since then, only 2 other weeks have been worse and they both occurred in the past month.  In and of itself, today's jump in rates wouldn't be too troubling, but when added to the existing momentum, the losses are adding up.  A conventional 30yr fixed scenario that had carried rates in the 2.75-2.875 neighborhood a month ago is now closer 3.125-3.25%.

Making matters more frustrating is the fact that there really isn't any great, short-term explanation for the incremental damage.  Negative momentum is simply embedded, and it has been since the Fed signaled its intent to taper its bond purchases on September 22nd.  Around the same time, covid case counts began turning a corner in a convincing way. 

These general motivations sparked a migration in the bond market whereby traders are steadily adjusting for higher rates in the future.  It would take significantly negative developments for the economy or the covid outlook for things to change.  Help could also come from lower inflation (another key source of concern for bonds/rates at the moment), but that sort of help would take months to materialize and there are no great signs that such a process has even begun.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.23% +0.04
15 Yr FRM 2.60% +0.04
FHA 30 Year Fixed 2.87% +0.03
Jumbo 30 Year Fixed 3.15% +0.03
5/1 Yr ARM 3.10% +0.23
Average Mortgage Rates
MBA **
30 Yr. Fixed 2.99% 0.30 +0.02
15 Yr. Fixed 2.35% 0.25 +0.02
30 Yr. Jumbo 3.15% 0.29 +0.03
30 Yr. FHA 3.06% 0.27 -0.02
5/1 ARM 2.52% 0.15 -0.41
Freddie Mac **
30 Yr. Fixed 3.09% 0.70 +0.04
15 Yr. Fixed 2.33% 0.70 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.54% 0.30 -0.01
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
Price Change
30YR UMBS 2.0 99.17 -0.36
30YR UMBS 2.5 102.03 -0.33
30YR GNMA 2.0 100.53 -0.31
30YR GNMA 2.5 101.97 -0.30
15YR UMBS 2.0 102.28 -0.23
15YR UMBS 2.5 103.86 -0.11
Yield Change
2 YR 0.4444% +0.0570
5 YR 1.2248% +0.0578
10 YR 1.6887% +0.0285
30 YR 2.1401% +0.0036
Prices as of: 10/21/2021 4:21PM EST
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available.  We use a proprietary formula to calculate averages based on best-execution rates from top lender's rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.