30 Year Fixed
2.88%    +0.06
15 Year Fixed
2.38%    +0.01
10YR Treasury
0.64%    +0.0627
FNMA 30YR 3.5
105.39    0.00
FNMA 15YR 2.5
104.97    -0.02
Biggest Jump in 2 Months For Mortgage Rates
August 11, 2020

With most lenders still easily able to quote a 30yr fixed under 3%mortgage rates are very low in outright terms.  But relative to the recent trend and the general level of volatility, today was a bit rough.  Rates rose as fast as they've risen since early June, ultimately hitting the highest levels in more than 2 weeks. 

Some prospective borrowers will now be looking at an eighth of a point (0.125%) increase versus yesterday's rates.  That comes out to roughly $20/month on a $300k mortgage.  Others will experience the shift in the form of higher upfront costs (or a lower lender credit).  Either way, today is noticeably more expensive than yesterday.

The bigger question is whether this rate spike is a sign of things to come or merely a normal market correction that got a bit carried away.  At some point, the bond market will make a clear case for higher and higher rates.  Most market participants agree we're probably not there yet simply due to economic realities as well as ongoing support from the Federal Reserve. 

All that having been said, "market participants" don't have crystal balls.  Their guess is actually no better than anyone's.  We'll only really know when the big bounce happens with the benefit of hindsight.  Between now and then, days like today should serve to increase our level of caution when it comes to assuming rates will continue to move lower.  Also, it should argue for an increased level of preparation so we can make sure we can take advantage of opportunities to capitalize on any potential rate recovery.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 2.88% +0.06
15 Yr FRM 2.38% +0.01
FHA 30 Year Fixed 2.25% +0.00
Jumbo 30 Year Fixed 3.55% -0.02
5/1 Yr ARM 2.75% +0.00
Average Mortgage Rates
Rate Points Change
FHFA *
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA **
30 Yr. Fixed 3.14% 0.39 -0.06
15 Yr. Fixed 2.73% 0.37 -0.03
30 Yr. Jumbo 3.51% 0.33 -0.01
30 Yr. FHA 3.27% 0.42 +0.00
5/1 ARM 3.09% -0.03 +0.01
Freddie Mac **
30 Yr. Fixed 2.88% 0.80 -0.11
15 Yr. Fixed 2.44% 0.80 -0.07
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.90% 0.40 -0.04
* 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 UMBS 3.0 105.53 -0.50
30YR UMBS 3.5 105.39 0.00
30YR GNMA 3.0 105.39 -0.14
30YR GNMA 3.5 105.05 -0.03
15YR UMBS 3.0 104.97 -0.02
15YR UMBS 2.5 105.03 -0.14
Treasuries
Yield Change
2 YR 0.1529% +0.0220
5 YR 0.2769% +0.0396
10 YR 0.6432% +0.0627
30 YR 1.3310% +0.0747
Prices as of: 8/11/2020 5:05PM 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.