Mortgage rates had a scare today, as they began the day at their highest levels of the month (depending on the lender) only to fall back in line with yesterday (or better!). The reason for the back-and-forth movement has to do with esoteric behind-the-scenes stuff in the bond market. I should be able to make it tangible enough for you, so let's give it a shot. Bonds are the backbone for all interest rates. The bonds that underlie mortgages tend to move almost exactly like 10yr Treasury yields. Treasuries are a great case study to follow when it comes to rates because they are abundant, more actively traded, and essentially risk-free. That risk-free part is important because it means Treasuries can be used as a benchmark to assess the value of other bonds that aren't guaranteed by the full faith

July 19, 2018 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 19, 2018 Mortgage Rates Back to Flat After Starting Higher Thu, Jul 19, 2018 2:53PM Mortgage rates had a scare today, as they began the day at their highest levels of the month (depending on the lender) only to fall back in line with yesterday (or better!). The reason for the back-and-forth movement has to do with esoteric behind-the-scenes stuff in the bond market. I should be able to make it tangible enough for you, so let's give it a shot. Bonds are the backbone for all interest rates. The bonds that underlie mortgages tend to move almost exactly like 10yr Treasury yields. Treasuries are a great case study to follow when it comes to rates because they are abundant, more ac... (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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Recap: Key Technical Ends Up Providing Support Thu, Jul 19, 2018 4:02PM If you are an MBS Live member, today's recap has already been written in this update and in The Huddle.  Non-MBS Live members can get a pretty solid idea from the free mortgage rate article HERE. For those who don't like to click links, suffice it to say that the upper range boundary that we've been paying so much attention to ended up being the key ... (read more) MBS Live Day Ahead: What Happens If Bonds Break This Ceiling? (Philosophical Discussion on Technicals) Thu, Jul 19, 2018 9:18AM This primer (and this one, and this one) will be useful for digesting the following, if you haven't read it before. For those paying any sort of attention to trading levels in bond markets over the past few weeks, it's hard to miss the super ... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:22PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:22PM EST Other News Libor - Not Exactly an Obituary, But... Thu, Jul 19, 2018 11:50AM A group of financial experts is scheduled to meet at on Thursday to make funeral arrangements for Libor . In case you hadn't heard, the London interbank offered rate, the number that indicates how much one bank needs to borrow from another, is not expected to survive much beyond the end of the decade. All good, or even not so good, things must come to an end... (read more) FHFA Ruled Unconstitutional, but Net Sweep Prevails Thu, Jul 19, 2018 11:07AM Yet another federal court has rebuffed shareholders hoping to recover some value from their investments in the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. A three-judge panel for the Fifth Circuit (Texas) Court of Appeals refused to stop the practice of net worth sweeps required of the GSEs, but, the plaintiffs, whether their intentio... (read more) LO Training and Conferences; Teams With Different Comp Plans? Thu, Jul 19, 2018 9:13AM “Rob, are you hearing, now that the CFPB is perceived to have lost its teeth, that some lenders are providing their loan officers two different rate sheets?” Unfortunately, yes, I am hearing that, but hopefully it is an untrue rumor. It would certainly fly in the face of fair lending and would give another black eye to our industry. See note belo... (read more) Latest Video White House: President respects the independence of the Fed Don't see Trump's Fed comments as big deal but 'dangerous sign': former Fed... Trump: I don't necessarily agree with raising rates Around the Web consumerfinancemonitor.com Does the Fifth Circuit's decision finding the FHFA is unconstitutionally structured presage a similar fate for the CFPB? Calculated Risk Blog California Bay Area Home Sales Decline 13 Percent YoY in June CNBC Fed's banking supervisor backs new interest rate benchmark Calculated Risk Blog Earlier: Philly Fed Manufacturing Survey "Continued to expand" in July NAR - Realtor.com American Homeowners Still Have a Big Underinsurance Problem CNBC Leading indicators up 0.5% in June, vs. expectations for 0.4% gain NAHB Eye on Housing Remodeling Confidence Increases Despite Rising Costs Reuters U.S. weekly jobless claims drop to more than 48-1/2-year low Reuters U.S. trade official downplays effects of new tariffs: CNBC builderonline.com AIA: Billings Increase for Ninth Consecutive Month CNBC Almost 70% of millennials regret buying their homes. Here's why. Reuters Fed walks careful line on trade, but downside risks emerging miamiherald.com How dirty is Miami real estate? Secret home deals dried up when feds started watching

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