Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It's nothing too scandalous--or even terribly interesting. Lenders are simply less eager to follow every little juke and head-fake in bond markets when things have been so flat in the bigger picture. The summertime phenomenon only adds to the apathy. The net effect is that lenders often find themselves with the need to adjust prices based on bond market movement in the previous business day. In the current case, that means lenders are getting caught up with Friday afternoon's bond market improvement, thus allowing for lower rates on a day where bonds are technically weaker. The coming days bring

July 31, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jul 31, 2017 Mortgage Rates Modestly Lower Despite Flat Markets Mon, Jul 31, 2017 4:43PM Mortgage rates moved modestly lower today, despite an absence of improvement in underlying bond markets. Rates typically rise in this scenario, but this pattern has been more and more common recently. It's nothing too scandalous--or even terribly interesting. Lenders are simply less eager to follow every little juke and head-fake in bond markets when things have been so flat in the bigger picture. The summertime phenomenon only adds to the apathy. The net effect is that lenders often find themselves with the need to adjust prices based on bond market movement in the previous business day. In t... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.45 -0.14   95.05 100.47 UMBS 30YR 5.5 101.00 -0.03   97.47 101.61 10 YR Treasury 4.112 +0.031   3.706 4.780 MBS Live Week Ahead: Bonds Begin Week Storing Energy For a Breakout Mon, Jul 31, 2017 9:09AM Last Friday's AM commentary had a detailed write-up on the significance of " month-end bond buying ." Here's a link to that, and here's a link to our primer on the topic.  With today being the last day of July, it's possible we'll still see some... (read more) MBS Live Recap: Post-GDP Rally Keeps Same Range Intact Fri, Jul 28, 2017 6:30PM Overnight weakness almost ruined it, but 10yr yields just barely held inside the necessary levels to claim their third straight "inside day."  In other words, the entire trading range of the past 3 days has fallen inside Tuesday's trading range.  While we continue to err on the higher side of that range, today saw a modest move in the right direc... (read more) MBS Price Change UMBS 4.5 97.38 -0.25 UMBS 5.0 99.44 -0.15 UMBS 5.5 100.97 -0.06 GNMA 4.5 97.62 -0.40 GNMA 5.0 99.74 -0.08 GNMA 5.5 100.89 0.00 Pricing as of: 9/18 10:26AM EST US Treasury Yield Change 2 YR Treasury 3.576 +0.012 5 YR Treasury 3.677 +0.021 7 YR Treasury 3.870 +0.030 10 YR Treasury 4.118 +0.037 30 YR Treasury 4.728 +0.040 Pricing as of: 9/18 10:26AM EST Other News June Pending Sales Increase the First in Four Months Mon, Jul 31, 2017 11:39AM Pending home sales recovered from a three-month swoon in June, increasing 1.5 percent in June. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 110.2. NAR also revised the May PHSI up slightly, from 108.5 to 108.6. The index in June was 0.5 percent higher than a year earlier. NAR said it was the first time the ... (read more) Another Price Index Goes a Little Wobbly Mon, Jul 31, 2017 9:10AM The last of the May's four home price indices (HPI) that MND tracks, the version supplied by Black Knight Financial Services, was released on Monday. Like the others, it shows accelerating price increases on a year-over-year basis, but indicated a small degree of softening in more recent data. National home prices gained 6.1 percent in May when compared to t... (read more) Vanguard Stops Taking Apps; Fed Owns How Much Agency MBS? Mon, Jul 31, 2017 9:36AM How much would you pay to drive a cab? In New York City, in 2014, the price of a Taxi Medallion hit $1.3 million. With Uber and Lyft, Medallions are now running in the $200,000s to the $500,000s. These valuable licenses that allow yellow cabs to operate have historically been a solid investment for owners. I mention this because there are credit unions that ... 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