Mortgage rates caught a break today, moving lower for the first time this week and pushing back from the highest levels since early July 2017. Like yesterday, strong demand at a Treasury auction helped US bond markets, but notably, only the longer-term maturities (10yr and 30yr bonds were the big winners). Fortunately, the bonds that underlie mortgage rates tend to correlate well with longer-term Treasuries. Economic data also played a role with a weaker reading on inflation at the producer level. Tomorrow brings the much more important reading on consumer-level inflation (via the Consumer Price Index or CPI). If CPI is similarly weak, it could steel the resolve on the part of rates to hold to recent ceilings--potentially providing a base of operations for borrowers to consider a strategy other

January 11, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jan 11, 2018 Mortgage Rates Catch a Break With Help From Treasuries Thu, Jan 11, 2018 3:51PM Mortgage rates caught a break today, moving lower for the first time this week and pushing back from the highest levels since early July 2017. Like yesterday, strong demand at a Treasury auction helped US bond markets, but notably, only the longer-term maturities (10yr and 30yr bonds were the big winners). Fortunately, the bonds that underlie mortgage rates tend to correlate well with longer-term Treasuries. Economic data also played a role with a weaker reading on inflation at the producer level. Tomorrow brings the much more important reading on consumer-level inflation (via the Consumer Pri... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.05 -0.02   97.47 101.61 UMBS 30YR 6.0 102.36 -0.02   99.66 102.50 10 YR Treasury 4.088 +0.004   3.621 4.780 MBS Live Day Ahead: China's "Fake News" Comes and Goes. Shocking Market Reaction Follows Thu, Jan 11, 2018 9:18AM Yesterday, the possibility of China decreasing its purchases of US Treasuries was all anyone could talk about .  Amid a sea of voices declaring this as a major fundamental market mover for US rates, I yelled counterpoints from my soap box. T... (read more) MBS Live Recap: Another Strong Auction Helps Bonds After China News Debunked Thu, Jan 11, 2018 4:50PM Yesterday morning's news regarding China potentially buying fewer (or selling) US Treasuries has been a big talking point.  While most pundits and even a few traders jumped on the bandwagon right off the bat, we immediately flagged it as a Red Herring .  By the end of business yesterday, there were a few good news stories that also began to push b... (read more) MBS Price Change UMBS 5.0 99.47 +0.03 UMBS 5.5 101.08 +0.00 UMBS 6.0 102.38 +0.00 GNMA 5.0 99.75 +0.02 GNMA 5.5 101.03 -0.02 GNMA 6.0 102.02 +0.04 Pricing as of: 9/9 10:40PM EST US Treasury Yield Change 2 YR Treasury 3.550 -0.018 5 YR Treasury 3.609 -0.018 7 YR Treasury 3.810 -0.023 10 YR Treasury 4.083 0.000 30 YR Treasury 4.729 -0.006 Pricing as of: 9/9 10:40PM EST Other News Growing Concerns Over VA Loan Churning Thu, Jan 11, 2018 3:27PM A Ginnie Mae official told Congress this week that his agency has growing concerns over the incidence of "loan churning" in the VA mortgage program. Michel R. Bright, Ginnie Mae's Executive Vice President and COO was among four mortgage industry experts testifying about the issue to the House Committee on Veterans Affairs on Wednesday. Bright said since the ... (read more) New Home Sales Defy Holiday Lull, Rising in December Thu, Jan 11, 2018 10:17AM Despite the usual holiday lull in overall mortgage applications, the demand for newly constructed homes increased in December. The Mortgage Bankers Association (MBA) said its Builder Applications Survey (BAS) found those applications were up 18 percent from November. The change does not include any adjustment for typical seasonal patterns. The applications w... (read more) LIBOR Replacements; Mortgage Rates and Tax Reform Thu, Jan 11, 2018 9:13AM When I grow up I want a million-dollar house! Tight inventories, costs, and appreciation have created an increase of houses worth seven figures - the number has quadrupled in fifteen years. (Builder reasons? Higher profits & profit margins and building & labor costs, to name a few.) There probably aren't too many of those that are impacted by the CRA... 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