30 Year Fixed
4.61%    -0.06
15 Year Fixed
4.04%    -0.06
10YR Treasury
2.93%    -0.0457
FNMA 30YR 3.5
99.31    +0.30
FNMA 15YR 2.5
99.14    +0.16
Mortgage Rates Hit Holiday Weekend at Recent Lows
May 25, 2018

Mortgage rates moved much lower this week with another strong move today.  As we discussed yesterday, this is certainly at odds with the prevailing news coverage, which continues to focus on yesterday's Freddie Mac survey.  Here's a link to yesterday's article, or you can take my word for it that Freddie's survey is now outdated.

Or you could just forget all that and consider the following.  At several huge, "household name" lenders, the upfront costs on a 30yr fixed quote of 4.75% are now the same as they were for 4.875% just a few days ago.  That's a strong week by anyone's standards, and it brings today's rates in line with the lowest of the past several weeks. 

Whether or not the strength persists, remains to be seen.  We'll be waiting at least until next Tuesday to get any clues as markets are closed for Memorial Day on Monday.

Loan Originator Perspective

I recommend locking in the recent gains, as rolling the dice on further improvement could backfire.  Especially if your lender has a rate renegotiation policy in place, locking is an easy call to make. - Timothy Baron

Week long incremental gains added up to some nice relief with the 10 Year below 3.000. Still favor locking at Origination. -Al Hensling

Today's Most Prevalent Rates

  • 30YR FIXED - 4.75%
  • FHA/VA - 4.5%
  • 15 YEAR FIXED - 4.25%
  • 5 YEAR ARMS -  3.75-4.25% depending on the lender

Ongoing Lock/Float Considerations

  • Rates have been moving higher in a serious way due to headwinds that cannot be quickly defeated.  These include the Fed's increasingly restrictive monetary policy outlook, the increased amount of Treasury issuance to pay for the tax bill (higher bond issuance = higher rates), and the possibility that fiscal stimulus results in higher growth/inflation.

  • While we may see periodic corrections to the broader trend toward higher rates, it's safer to assume that broader trend can and will continue.  Until that changes, it makes much more sense to remain heavily-biased toward locking as opposed to floating.
  • 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 4.61% -0.06
15 Yr FRM 4.04% -0.06
FHA 30 Year Fixed 4.40% -0.02
Jumbo 30 Year Fixed 4.65% -0.05
5/1 Yr ARM 3.95% +0.03
Average Mortgage Rates
Rate Points Change
15 Yr. Fixed 3.65% 1.14 +0.09
30 Yr. Fixed 4.19% 1.21 +0.02
MBA **
30 Yr. Fixed 4.68% 0.46 -0.01
15 Yr. Fixed 4.12% 0.51 +0.05
30 Yr. Jumbo 4.55% 0.37 +0.00
30 Yr. FHA 4.69% 0.81 -0.04
5/1 ARM 3.83% 0.68 -0.10
Freddie Mac **
30 Yr. Fixed 4.66% 0.40 +0.05
15 Yr. Fixed 4.15% 0.40 +0.07
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.87% 0.30 +0.05
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
Price Change
30YR FNMA 3.0 96.50 +0.34
30YR FNMA 3.5 99.31 +0.30
30YR GNMA 3.0 97.30 +0.09
30YR GNMA 3.5 100.02 +0.08
15YR FNMA 3.0 99.14 +0.16
15YR FNMA 2.5 97.16 +0.16
Yield Change
2 YR 2.4798% -0.0323
5 YR 2.7635% -0.0506
10 YR 2.9313% -0.0457
30 YR 3.0904% -0.0362
Prices as of: 5/25/2018 2:06PM 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.