Mortgage rates surged lower today, falling at the fastest single-day pace in more than a year. In order to see the average lender offer lower rates, you'd need to go back to October 2nd at least. For many lenders, it would be a few weeks before that. Granted, this merely restores rates to what had been 7-year highs at the time, but you know what they say about journeys of 1000 steps and what not... Much of the improvement was driven by an ongoing reaction to a speech by Fed Chair Powell from yesterday. Markets perceived Powell as softening his stance on rate hikes. US markets reacted to that yesterday, but European and Asian markets took their turn overnight. The opening levels in US markets (which have a bearing on mortgage rates) are heavily influenced by overseas trading during the night

November 29, 2018 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Surge Lower Mortgage rates surged lower today, falling at the fastest single-day pace in more than a year. In order to see the average lender offer lower rates, you'd need to go back to October 2nd at least. For many lenders, it would be a few weeks before that.... (read more) Rob Chrisman Fraud and Subservicing Products; Training and Events; Fed Speech Moves Rates Yes, MLO commissions are dropping. But the traditional 6% real estate agent commission continues to be under attack as well, the latest salvo fired from Clever , a real estate startup that connects homeowners to top rated agents in their area that li... (read more) Housing News Inventories Recover as Pending Home Sales Cool Pending home sales in October failed to build on their small September gains - only the second uptick in six months. The Pending Home Sales Index (PHSI) from the National Association of Realtors® (NAR) declined 2.6 percent to 102.1 in October fro... (read more) MBS Commentary MBS Live Day Ahead: Bonds Thinking About Taking a Lead-Off? I use the baseball/lead-off analogy quite a bit to refer to a range breakout that occurs before the important event that is most likely to cause a breakout.  In the current case, that event is actually a series of events culminating in next week... (read more) Housing News Cash-Out Refi's surge, Can't Compare to Pre-Crash Activity The party is probably over for the time being when it comes to rate-and-term (i.e. "no cash out") refinancing. But even as rising interest rates steadily shrink the pool of candidates for that type of origination, other factors are encouraging refina... (read more) MBS Commentary MBS Live Recap: Good Vibes, But Not Much Progress Today was interesting for bond markets in the sense that it certainly FELT like a nice day with solid gains.  This has to do with the noticeable rally in the middle of the day and the fact that it was clearly tied to a specific event.  It... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.77% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.77% -0.01 0.00 15 Yr. Fixed 6.03% -0.01 0.00 30 Yr. FHA 6.35% 0.00 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 7/6 SOFR ARM 6.25% +0.01 0.00 30 Yr. VA 6.36% 0.00 0.00 Updates Daily - Last Update: 7/22 15 Yr. Fixed Rate 6.03% -0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.75% +0.03 0.00 15 Yr. Fixed 5.92% +0.06 0.00 Updates Weekly - Last Update: 7/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.82% +0.05 0.62 15 Yr. Fixed 6.11% +0.07 0.66 30 Yr. Jumbo 6.81% +0.12 0.39 Updates Weekly - Last Update: 7/16 MBS / Treasuries UMBS 30YR 5.5 99.50 -0.01 Price / Yield Change MBS UMBS 5.5 99.50 -0.01 UMBS 6.0 101.36 -0.04 GNMA 5.5 99.72 -0.05 GNMA 6.0 101.29 -0.04 Pricing as of: 7/23 8:36AM EST 10 Year US Treasury 4.3574 +0.0114 Price / Yield Change US Treasury 2 YR Treasury 3.843 +0.014 5 YR Treasury 3.899 +0.014 7 YR Treasury 4.112 +0.014 10 YR Treasury 4.361 +0.015 30 YR Treasury 4.930 +0.013 Pricing as of: 7/23 8:36AM EST Latest Video Fed meeting minutes points to December rate hike The Fed needs to recalibrate its thought process, says Natixis economist Housing will stop contributing to growth due to softness, says chief econom... Around the Web Bloomberg Homebuilders ETF Sees Massive Volume on Powell's Dovish Comments CNBC The Fed is still tweaking its balance sheet unwind CNBC Fed points to December rate hike but is worried about tariffs and debt CNBC Mortgage rates could head lower after Powell comment drives bond yield to important level Reuters Trump says 'long way to go' on tariffs and China Bloomberg Rising US Jobless Claims Are Starting to Worry Some Economists Bloomberg Deutsche Bank Warns Powell's Remarks Were 'Misunderstood' by Markets CNBC Pending home sales drop 2.6% in October for 10th straight month of annual declines Calculated Risk Blog Personal Income increased 0.5% in October, Spending increased 0.6% Calculated Risk Blog Weekly Initial Unemployment Claims increased to 234,000 Redfin Luxury Home Prices Up 3.2 Percent Annually in the Third Quarter, the Lowest Growth Rate in Nearly Two Years Bloomberg US 10-Year Yield Approaches 3% as Rate Bets Return to Earth Bloomberg How a Dovish Tone at the Fed Sounded Across Markets

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