30 Year Fixed
3.97%    -0.01
15 Year Fixed
3.25%    -0.01
10YR Treasury
2.14%    -0.0088
FNMA 30YR 3.5
103.28    +0.03
FNMA 15YR 2.5
103.00    +0.09
Rates Still Flat at 8-Month Lows
June 26, 2017

Mortgage rates were steady to slightly lower today, depending on the lender.  Underlying financial markets continue moving in a narrow range--something that's not uncommon for the first few weeks of the summer.  It's that market movement that can result in mortgage lenders issuing mid-day reprices.  The more volatile and the bigger the moves, the more likely lenders are to reprice.  Today saw zero reprices.

Rates may have risen this morning were it not for weaker economic data.  In general, weaker data tends to drive demand for the safe-haven of the bond market (which results in lower rates).  This morning's Durable Goods data was noticeably weaker, and bonds improved immediately following its release at 8:30am.  Though the improvement in markets was modest, it meant that most lenders were looking at bond prices that were at least as good as last Friday's.

Despite today's relative lack of change, the potential for movement is generally higher heading into the rest of the week.  Risk-averse borrowers should consider that we're effectively at the lowest rates in more than 8 months.  Risk-tolerant borrowers should simply make sure they have a stop-loss in place (in terms of how much rates could rise before locking at a loss) and a game plan established with their loan originator.


Loan Originator Perspectives

It must be summer, as bond markets continued slumbering, with rates virtually unchanged today.  The rest of the week MAY bring some minor pricing improvements due to month end demand, but hard to hope for much more than that.  If you're floating, have realistic goals for your pricing; it's unlikely we'll see rates move substantially before the end of next week (if then).  I'm not in a big hurry to lock new loans, particularly those closing in August. -Ted Rood, Senior Originator


Today's Most Prevalent Rates

  • 30YR FIXED - 3.875-4.00
  • FHA/VA - 3.5-3.75% 
  • 15 YEAR FIXED - 3.125-3.25%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • Investors were relatively convinced that the decades-long trend toward lower rates had been permanently reversed after Trump became president, but such a conclusion would require YEARS to truly confirm

  • Instead of continuing higher in 2017, rates instead formed a narrow, sideways range, and held inside until April.  Investor perceptions are shifting such that fiscal reforms and other policy developments will need to live up to expectations in order to push rates higher.  Geopolitical risks would also need to avoid flaring up (more than they already have)
     
  • For the first time since the election, we're in a rate environment where you wouldn't be crazy not to lock at every little opportunity/improvement.  Until/unless it's broken, the highest rates of early-2017 mark the ceiling, and we're now waiting to see how much lower we can go from here.
     
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.97% -0.01
15 Yr FRM 3.25% -0.01
FHA 30 Year Fixed 3.65% +0.00
Jumbo 30 Year Fixed 4.24% -0.01
5/1 Yr ARM 3.06% -0.01
Average Mortgage Rates
Rate Points Change
FHFA *
15 Yr. Fixed 3.06% 1.30 +0.03
30 Yr. Fixed 3.76% 1.38 +0.03
MBA **
30 Yr. Fixed 4.41% 0.38 +0.13
15 Yr. Fixed 3.64% 0.34 +0.12
30 Yr. Jumbo 4.36% 0.26 +0.07
30 Yr. FHA 4.15% 0.29 +0.13
5/1 ARM 3.45% 0.26 +0.17
Freddie Mac **
30 Yr. Fixed 3.90% 0.50 -0.01
15 Yr. Fixed 3.17% 0.50 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.14% 0.50 -0.01
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
MBS
Price Change
30YR FNMA 3.0 100.80 +0.09
30YR FNMA 3.5 103.28 +0.03
30YR GNMA 3.0 101.72 +0.05
30YR GNMA 3.5 103.98 +0.03
15YR FNMA 3.0 103.00 +0.09
15YR FNMA 2.5 101.00 +0.06
Treasuries
Yield Change
2 YR 1.3364% -0.0082
5 YR 1.7565% +0.0000
10 YR 2.1352% -0.0088
30 YR 2.6955% -0.0192
Prices as of: 6/26/2017 5:06PM 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.