30 Year Fixed
3.04%    -0.01
15 Year Fixed
2.67%    -0.01
10YR Treasury
0.68%    +0.0049
FNMA 30YR 3.5
105.34    +0.05
FNMA 15YR 2.5
104.91    0.00
Mortgage Rates in Drift Mode
September 23, 2020

Mortgage rates didn't do much today.  The average lender was effectively unchanged from yesterday.  The same could be said yesterday, and the day before that, and so on and so on...  The only major adjustment to rates in recent weeks has been the abrupt spike of roughly 0.15% that occurred for some lenders when they re-implemented the new adverse market fee.  Not sure what that is?  Get caught up HERE.

The adverse fee will continue working its way through the industry in the coming weeks.  No lender is immune.  This presents a great opportunity to lock refinance loans  if you have one in process with a lender who has yet to bring the fee back.  

Once the fee is back in play for every lender, we could see rates relax just a little--at least enough to notice.  The rationale is that there's currently a certain level of uncertainty regarding the number of loans that will meet the cut off date for the fee.  Uncertainty costs money.  It forces lenders to widen their margins--even if only slightly.  Once that uncertainty leaves the building, it could be worth a small token.

Apart from those mortgage-specific fluctuations, the broader bond market (which typically dictates mortgage rate momentum) is locked in one of the narrowest, smallest sideways ranges we've ever seen.  Some analysts think it could last until the election.  While that is a possibility, it's not necessarily something I'd plan on when it comes to locking vs floating.  

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.04% -0.01
15 Yr FRM 2.67% -0.01
FHA 30 Year Fixed 2.45% -0.05
Jumbo 30 Year Fixed 3.38% -0.02
5/1 Yr ARM 2.82% -0.08
Average Mortgage Rates
Rate Points Change
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA **
30 Yr. Fixed 3.07% 0.32 +0.00
15 Yr. Fixed 2.61% 0.35 -0.01
30 Yr. Jumbo 3.41% 0.27 +0.01
30 Yr. FHA 3.16% 0.35 +0.00
5/1 ARM 3.20% 0.58 +0.21
Freddie Mac **
30 Yr. Fixed 2.87% 0.80 +0.01
15 Yr. Fixed 2.35% 0.80 -0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.96% 0.30 -0.15
* 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 3.0 104.77 +0.05
30YR UMBS 3.5 105.34 +0.05
30YR GNMA 3.0 104.25 +0.08
30YR GNMA 3.5 104.84 +0.03
15YR UMBS 3.0 104.91 0.00
15YR UMBS 2.5 104.30 +0.05
Yield Change
2 YR 0.1406% +0.0035
5 YR 0.2739% +0.0080
10 YR 0.6757% +0.0049
30 YR 1.4200% -0.0071
Prices as of: 9/23/2020 4:58PM 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.
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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.