Mortgage rates continued higher at a relatively fast pace today, pushing farther into the highest levels since early July. As of this afternoon, the average lender is right in line with those rate offerings from July. Any higher and we'd have to go back another 2 months to see comparable rates. While we had been able to say that the volatility of the past few weeks hadn't yet created an eighth of a percentage point spike in 30yr fixed rates, that definitively changed today. In fact, for many lenders, the cost of offering a 30yr fixed rate of 3.875% last week now matches the cost of a 4.0% rate this week. Clients who'd seen quotes of 4.0% are now seeing 4.125%. The average is somewhere in between for top tier scenarios. There are several major flashpoints in the coming days that could help or

October 25, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Oct 25, 2017 Rates Now Up an Eighth of a Point From Last Week Wed, Oct 25, 2017 3:44PM Mortgage rates continued higher at a relatively fast pace today, pushing farther into the highest levels since early July. As of this afternoon, the average lender is right in line with those rate offerings from July. Any higher and we'd have to go back another 2 months to see comparable rates. While we had been able to say that the volatility of the past few weeks hadn't yet created an eighth of a percentage point spike in 30yr fixed rates, that definitively changed today. In fact, for many lenders, the cost of offering a 30yr fixed rate of 3.875% last week now matches the cost of a 4.0% rate... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.046 +0.007   3.621 4.780 MBS Live Day Ahead: Good News and Bad News (Mostly Bad For Now) Wed, Oct 25, 2017 9:49AM We'll get to the good news in a moment.  Bad news is obviously the order of the day as bonds are starting out with a big break through important technical ceilings.  What's a technical ceiling?   MBS Live members can always read ... (read more) MBS Price Change UMBS 5.0 99.75 -0.03 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.51 -0.03 GNMA 5.0 100.06 -0.02 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.03 Pricing as of: 9/9 12:39AM EST US Treasury Yield Change 2 YR Treasury 3.494 +0.007 5 YR Treasury 3.567 +0.006 7 YR Treasury 3.772 +0.004 10 YR Treasury 4.046 +0.006 30 YR Treasury 4.692 +0.002 Pricing as of: 9/9 12:39AM EST Other News MBA's Stevens to Retire Wed, Oct 25, 2017 2:00PM David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA) has announced his retirement. Stevens, who has led MBA since 2011, has allowed plenty of lead-time . He will continue to lead the trade group until September 30, 2018. Stevens joined MBA after serving as an assistant secretary at the Department of Housing and Urban Development and ... (read more) New Home Sales - A Blowout! Wed, Oct 25, 2017 10:40AM Analysts had predicted new home sales number would retreat again in September, on the heels of a 9.4 percent loss in August. Whoops! September's results from the U.S. Census Bureau and the Department of Housing and Urban Development were far beyond anyone's expectations. Sales of newly constructed single-family homes were at a seasonally adjusted annual rate... (read more) Home Prices Continue Defying Gravity (and Predictions) Wed, Oct 25, 2017 9:55AM Most forecasts at the end of 2016 called for a gradual slowdown in the pace of home price appreciation. Depending upon whom you asked, growth was supposed to slow to an annual pace in the 4% range. Not only are we nowhere close to those predictions, home price appreciation actually continues to accelerate! The Federal Housing Finance Agency (FHFA) said its H... (read more) Application Volume Resumes Downward Trend Wed, Oct 25, 2017 9:08AM The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of overall mortgage application volume, ended a four week slide during the week ended October 13. It didn't last long, moving downward again last week. Fueled by declining applications for both refinancing and purchase money mortgages, it fell 4.6 percent on a seasonally adjusted ba... 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