Mortgage rates fell by an observable amount today-- one of the few times they've done so in recent weeks. Technically, today's average lender is offering the best we've seen since May 31st. That sounds pretty great, right?! Unfortunately, there's a fairly big catch. While today's rates are indeed the best in a month and a half, the range during that time has been so excruciatingly narrow that most prospective mortgage borrowers will find the distinction fairly meaningless. In almost all cases, the actual NOTE rate at the top of your loan quote will be the same as it has been for weeks. The only change in lenders' rate sheets is in the upfront cost associated with that rate. In other words, if you'd seen a quote of 4.75% with 0 points yesterday, today's quote would be more like 4.75% with a

July 13, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jul 13, 2018 Lowest Rates Since May, But There's a Catch Fri, Jul 13, 2018 2:55PM Mortgage rates fell by an observable amount today-- one of the few times they've done so in recent weeks. Technically, today's average lender is offering the best we've seen since May 31st. That sounds pretty great, right?! Unfortunately, there's a fairly big catch. While today's rates are indeed the best in a month and a half, the range during that time has been so excruciatingly narrow that most prospective mortgage borrowers will find the distinction fairly meaningless. In almost all cases, the actual NOTE rate at the top of your loan quote will be the same as it has been for weeks. The onl... (read more) Mortgage Rates Still Can't Find Inspiration Thu, Jul 12, 2018 5:18PM Mortgage rates stood a very decent chance to experience the highest volatility of the week today thanks to the most important economic data of the week being released this morning. The Consumer Price Index (CPI) is the most widely-followed inflation metric in the U.S. and inflation is a big deal for the bonds that underlie rates (including mortgages). On numerous occasions over the past 2 years, we've witnessed clear connections between variations in CPI data and subsequent volatility in rates. But not today... The biggest issue today was that CPI ended up being pretty boring. In other words, ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 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 5.5 101.29 0.00   97.47 101.61 UMBS 30YR 6.0 102.45 +0.00   99.66 102.50 10 YR Treasury 4.037 -0.003   3.621 4.780 MBS Live Recap: Bonds Gain Despite Data Surprise and Stock Rally Fri, Jul 13, 2018 4:23PM Before any discussion about market movement in July, we have to set the stage with some disclaimer about "slow summertime trading."   That was the subject of this morning's commentary (read it here, if you like). With that out of the way, we're equipped to pay the appropriate amount of attention to today's seemingly interesting events. First up, we... (read more) MBS Live Day Ahead: Get Used to Coconuts, Probably Fri, Jul 13, 2018 10:20AM I know I made a Looney Tunes reference last week, but another one is in order.  For those that aren't familiar, Yosemite Sam is stranded on a desert island and sits down to a smorgasbord of coconuts, prepared in various ways: "tossed coconut sal... (read more) MBS Live Recap: Bonds Hold Steady Despite Big Ticket Events Thu, Jul 12, 2018 4:59PM Welcome to summertime in the bond market, where each day is narrower than the last!  The same can be said for the past 2 weeks and the past several months, for that matter.  By a wide margin, the 3-day trading range surrounding the apex of the Italian political drama easily contains every minute of trading since then. To put that in perspe... (read more) MBS Price Change UMBS 5.0 99.91 0.00 UMBS 5.5 101.29 0.00 UMBS 6.0 102.45 +0.00 GNMA 5.0 100.22 -0.03 GNMA 5.5 101.25 +0.02 GNMA 6.0 102.01 +0.03 Pricing as of: 9/16 1:06AM EST US Treasury Yield Change 2 YR Treasury 3.536 -0.001 5 YR Treasury 3.605 +0.005 7 YR Treasury 3.788 -0.004 10 YR Treasury 4.038 -0.003 30 YR Treasury 4.658 -0.003 Pricing as of: 9/16 1:06AM EST Other News Construction, Warehouse Products; Free LO Comp Webinar; Shifting UW Criteria Fri, Jul 13, 2018 8:58AM Events and Training Don't miss out on the Lenders One 2018 Summer Conference in Salt Lake City, Utah, August 5-8, at The Grand America. In an age of disruption, it's never been more important to learn from peers and industry leaders. Keynote speakers Alison Levine and David Robertson will share ways to get ahead in a tough market, and attendees will be able ... (read more) Latest Video Fed: Wage growth remains moderate Consumer sentiment misses 98 estimate result of tariff talk Does the flattening and potential inversion of the yield curve portend a US... Around the Web Reuters Wells Fargo's loan book shrinks, profit misses estimates Calculated Risk Blog Looking back 9 Years Ago: The Sluggish Recovery Began CNBC The bond market is sounding an alarm on the economy as 'yield curve' spread hits narrowest in 11 years on Friday CNBC Want to buy a house? How long you'll have to save depends on where you live Calculated Risk Blog Q2 GDP Forecasts Reuters Fed emphasizes 'solid' U.S economic growth, repeats gradual approach CNBC Consumer sentiment hits 97.1 in July vs. 98.2 estimate Bloomberg Wells Fargo Mortgage Fees Drop by a Third as Interest Rates Rise NAHB Eye on Housing Apartment Construction Times Lengthened in 2017 CNBC The US and UK have agreed to pursue an 'ambitious' trade deal, says UK leader Theresa May Reuters U.S. import prices post biggest drop in two years Calculated Risk Blog Housing Inventory Tracking Reuters COLUMN-In defence of the yield curve: McGeever

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