Mortgage rates had been holding in a narrow range near their highest levels in roughly 3 months over the past few days. Despite some stability in underlying bond markets, lenders had hesitated to make meaningful adjustments to rate sheets (in their defense, there wasn't much to work with). That all changed today after Fed Chair Yellen's congressional testimony. In fact, it was the prepared remarks for the testimony, released at 8:30am ET this morning that did the trick for bond markets (which underlie interest rate movement). Market participants were eager to see if Yellen would strike a similarly soft tone to some of the recent speeches from other members of the Fed. Indeed, that was the case as Yellen said the Fed doesn't need to hike much more in order to reach a neutral Fed Funds Rate.

July 12, 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 Jul 12, 2017 Mortgage Rates at 2-Week Lows After Yellen Wed, Jul 12, 2017 4:26PM Mortgage rates had been holding in a narrow range near their highest levels in roughly 3 months over the past few days. Despite some stability in underlying bond markets, lenders had hesitated to make meaningful adjustments to rate sheets (in their defense, there wasn't much to work with). That all changed today after Fed Chair Yellen's congressional testimony. In fact, it was the prepared remarks for the testimony, released at 8:30am ET this morning that did the trick for bond markets (which underlie interest rate movement). Market participants were eager to see if Yellen would strike a simil... (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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Day Ahead: Bonds Set For First Bounce Attempt Since EU Taper Talk Wed, Jul 12, 2017 9:01AM Global bond markets have been on the run since June 27th , when Mario Draghi (head of the European Central Bank, or ECB) said deflation was being replaced by reflation and that the economy is now seeing "upside risks."  Even the ECB meeting min... (read more) MBS Live Recap: Volatility in a Micro Range Thanks to Quiet Conditions Tue, Jul 11, 2017 4:41PM Quite simply, markets are waiting for the last 3 days of this week before gleaning any "takeaways" about the current state of financial markets, the economy, inflation, or Fed policy.  Everything over the 1st 2 days of the week has therefore amounted to a pre-game show --and not a very exciting one at that.   For the most part, bond yields have ... (read more) MBS Price Change UMBS 5.0 99.68 -0.10 UMBS 5.5 101.22 -0.06 UMBS 6.0 102.46 -0.08 GNMA 5.0 100.01 -0.07 GNMA 5.5 101.18 -0.01 GNMA 6.0 102.12 -0.06 Pricing as of: 9/9 6:50AM EST US Treasury Yield Change 2 YR Treasury 3.502 +0.014 5 YR Treasury 3.579 +0.018 7 YR Treasury 3.789 +0.020 10 YR Treasury 4.065 +0.025 30 YR Treasury 4.722 +0.032 Pricing as of: 9/9 6:50AM EST Other News Positive Opinion of Housing's Investment Value Highest in Decade Wed, Jul 12, 2017 12:05PM Time heals all wounds as the old saying goes, and the decade that has passed since the housing crisis seems to have allowed many Americans to recover from its attendant shocks. The National Association of Realtors'® (NAR's) 2017 National Housing Pulse Survey found that 84 percent of Americans now say purchasing a home is a good financial decision, the hi... (read more) No Surprise: Refi Apps Tank as Rates Hit 3-Month Highs Wed, Jul 12, 2017 9:02AM Americans were apparently more interested in picnics and fireworks last week than in buying or refinancing their homes. At least that's what we might conclude were it not for the fact that the Mortgage Bankers Association's (MBA) Mortgage Market Index adjusts for seasonality. With that in mind, we're left to place the blame squarely on interest rates for a s... (read more) HUD Suspends Lender; CFPB News; The Importance of Compliance Training Wed, Jul 12, 2017 9:28AM Millions of parents around the nation will be sending their ex-high school seniors off to college this autumn. And what better thing to teach them is how to fold a t-shirt in 5 seconds . (No matter how many times I've seen this, I still can't do it...) Compliance Compliance officers are supposed to keep banks, lenders, hedge funds, etc., out of trouble. And ... (read more) Latest Video Yellen testimony: Politics should be kept out of Fed decisions Fed's Beige Book: Labor markets tighten for low and high skilled workers Yellen: We were concerned about underwriting practices for loans Around the Web NAR - Realtor.com Housing Market Labor Shortage Eases CNBC Fed president wants to start shrinking the balance sheet 'in the near future' CNBC A big deal in nonprime mortgages proves leery investors are finally hungry again CNBC The Fed could deliver some much-needed relief for the greenback Bloomberg Yellen's Take on Inflation Shifts Subtly in Remarks to Congress CNBC Fed chief Yellen: Technology and globalization are eliminating the middle class consumerfinancemonitor.com FHFA extends comment period for LEP RFI CNBC Yellen's surprise comments influence bond market CNBC Fed stands ready to slow down rate hikes if inflation stays low, Yellen tells Congress Market Watch Bank of Canada Raises Rates CNBC Watch: Fed Chair Yellen testifies before the House on the state of the economy CNBC Even several more Fed rate hikes won't kill the stock market run, strategist Jim Paulsen says Reuters Fed's Yellen says economy steady enough for more hikes, bond wind down

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