Mortgage rates were mixed today, with some lenders holding steady while others offered mid-day improvements in response to strong performance in the bond market. In either case, today's loan quotes are likely to be as good as they've been since the first few weeks in 2018. But are they under 4.00%? That's the claim being made by more than a few news stories out there. Let's take a look at the underlying facts. First off, any time you see consensus among mortgage rate headlines on a Thursday morning, chances are the story is citing Freddie Mac's weekly mortgage rate survey. Today's survey has the average 30yr fixed quote dropping to 3.99% for the first time since (you guessed it) the first few weeks of 2018. But that doesn't mean anyone can go down to the corner store and pick up a 3.99% mortgage

May 30, 2019 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 May 30, 2019 Are Mortgage Rates Really Under 4.00%? Yes and No Thu, May 30, 2019 4:00PM Mortgage rates were mixed today, with some lenders holding steady while others offered mid-day improvements in response to strong performance in the bond market. In either case, today's loan quotes are likely to be as good as they've been since the first few weeks in 2018. But are they under 4.00%? That's the claim being made by more than a few news stories out there. Let's take a look at the underlying facts. First off, any time you see consensus among mortgage rate headlines on a Thursday morning, chances are the story is citing Freddie Mac's weekly mortgage rate survey. Today's survey has 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 99.72 +0.13   95.05 100.47 UMBS 30YR 5.5 101.13 +0.10   97.47 101.61 10 YR Treasury 4.079 -0.002   3.706 4.780 MBS Live Day Ahead: Trading Patterns a Bigger Story Than The Data Thu, May 30, 2019 9:27AM In the day just past, bonds started out in stronger territory only to lose ground by the closing bell.  This wasn't necessarily destined to be the case, but a rather weak 7yr Treasury auction suggested that the recently bottomless demand for Tre... (read more) MBS Price Change UMBS 4.5 97.73 +0.11 UMBS 5.0 99.72 +0.13 UMBS 5.5 101.13 +0.10 GNMA 4.5 97.75 -0.27 GNMA 5.0 99.82 0.00 GNMA 5.5 101.01 +0.13 Pricing as of: 9/18 9:34AM EST US Treasury Yield Change 2 YR Treasury 3.552 -0.012 5 YR Treasury 3.644 -0.012 7 YR Treasury 3.831 -0.008 10 YR Treasury 4.079 -0.002 30 YR Treasury 4.682 -0.006 Pricing as of: 9/18 9:34AM EST Other News Pending Home Sales Fall, But Still Holding Most of 2019's Gains Thu, May 30, 2019 10:24AM April's pending home sales had been expected to build on the gains posted in two of the three previous months, but they retreated instead. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI), a measure of newly signed home purchase contracts, fell 1.5 percent from its March level. The Index, with a 104.3 reading, was down ... (read more) Lending is Disadvantaging its Own Future Wed, May 29, 2019 9:33AM "The face of America is changing, and the housing market is changing along with it. If the mortgage market doesn't keep up, the nation's economy will bear the consequences." That flat statement introduces an article by three housing experts that appeared recently in the Washington Post. Gary Acosta is co-founder and chief executive officer of the National As... (read more) Mortgage Application Volume Takes Back Some of May's Gains Wed, May 29, 2019 8:12AM Mortgage application volume declined during the week ended May 24, more than reversing a 2.4 percent increase a week earlier. Both refinancing and purchase activity moved lower. The Mortgage Bankers Association said its Market Composite Index which tracks the level of mortgage loan applications, was down 4.0 percent on a non-seasonally adjusted basis and 3.3... (read more) Broker, Digital, Customer Retention Products; FHA, VA, Ginnie Changes Thu, May 30, 2019 9:01AM My cat Myrtle’s direct exposure to the falling stock market is minimal. Mine, however, has become a sense of concern as I watch the value of my holdings get clocked, reminding me of the proverbial question lenders debate: would they rather have a strong economy and higher rates, or a not-so-strong economy with lower rates? At some point down payments a... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Reuters Wall St. slump continues on U.S.-China trade uncertainty Reuters U.S. inflation much softer in first quarter; puts spotlight on Fed Calculated Risk Blog Merrill on May NFP: "A modest slowing in employment activity" NAR - Realtor.com Mortgage Rates Slide Below 4% as the Trade War Buffets Markets CNBC Fed's Clarida outlines conditions that would be needed for a change in rates Bloomberg A $4 Trillion Plan Could Make or Break Dreams of U.S. Homebuyers Bloomberg China Pulls Punches With Trump to Defend a Path for Trade Talks Calculated Risk Blog Weekly Initial Unemployment Claims Increase to 215,000 CNBC Second reading on first-quarter GDP is up 3.1%, vs 3.0% growth expected builderonline.com Home Prices Higher in Portland As Growth Slows in the West CNBC US Treasury yields tick higher amid recession fears Bloomberg Falling Rates a Reason to Sell for Recession-Wary Stock Traders - Bloomberg Calculated Risk Blog Zillow Case-Shiller Forecast: Slower YoY Price Gains in April

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