30 Year Fixed
3.94%    +0.01
15 Year Fixed
3.24%    +0.01
10YR Treasury
2.31%    +0.0304
FNMA 30YR 3.5
103.03    -0.14
FNMA 15YR 2.5
102.64    -0.22
Mortgage Rates Sideways to Slightly Higher
October 16, 2017

Mortgage rates were sideways to slightly higher today, depending on the lender.  Underlying bond markets suggested a bit more movement, and that will likely be reflected in tomorrow morning's rate sheets unless bonds improve overnight.

In other words, effective rates are just a bit lower this afternoon than bond market trading levels would imply.  This happens fairly often when bonds move during the day, but not by a wide enough margin to prompt mortgage lenders to reissue the day's rate sheets. 

All that having been said, the change would still be fairly minimal in the bigger picture, with most any lender continuing to quote the same interest rate (just with slightly higher upfront costs).  After dropping at the best pace in more than a month to the lowest levels in roughly a month on Friday, this modest pullback isn't yet cause for concern, but that could change if the weakness continues tomorrow.


Today's Most Prevalent Rates

  • 30YR FIXED - 3.875-4.0%
  • FHA/VA - 3.5% 
  • 15 YEAR FIXED - 3.25%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender


Ongoing Lock/Float Considerations

  • 2017 has proven to be a relatively good year for mortgage rates despite widespread expectations for a stronger push higher after the presidential election in late 2016.  Most of the rate spike was done by the end of 2016 and we've generally moved sideways to lower since then

  •  The biggest question is whether or not this counter-intuitive trend has an expiration date.  Rates haven't been immune from brief corrections back toward higher levels, and each correction causes concern that the good times are over.

  • Despite those concerns, we've seen rates make new lows in April, June, and September.  Although rates have been rising since early September, they'd have to move even higher before we'd consider a change in the bigger picture theme.

  • All of the above having been said, past precedent suggests we're due for a much bigger dose of volatility some time soon.  
  • 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 3.94% +0.01
15 Yr FRM 3.24% +0.01
FHA 30 Year Fixed 3.50% +0.00
Jumbo 30 Year Fixed 4.15% +0.01
5/1 Yr ARM 3.20% +0.01
Average Mortgage Rates
Rate Points Change
FHFA *
15 Yr. Fixed 3.45% 1.22 -0.02
30 Yr. Fixed 4.14% 1.32 -0.01
MBA **
30 Yr. Fixed 4.06% 0.38 -0.05
15 Yr. Fixed 3.34% 0.38 -0.02
30 Yr. Jumbo 3.96% 0.20 -0.04
30 Yr. FHA 3.98% 0.35 -0.04
5/1 ARM 3.14% 0.31 -0.12
Freddie Mac **
30 Yr. Fixed 3.91% 0.50 +0.06
15 Yr. Fixed 3.21% 0.50 +0.06
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.16% 0.40 -0.02
* 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 3.0 100.36 -0.19
30YR FNMA 3.5 103.03 -0.14
30YR GNMA 3.0 101.73 -0.09
30YR GNMA 3.5 104.20 -0.02
15YR FNMA 3.0 102.64 -0.22
15YR FNMA 2.5 100.52 -0.30
Treasuries
Yield Change
2 YR 1.5420% +0.0451
5 YR 1.9514% +0.0516
10 YR 2.3052% +0.0304
30 YR 2.8215% +0.0157
Prices as of: 10/16/2017 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.