Mortgage rates dropped quickly again today, easily hitting the lowest levels since late 2017 for the average lender. The move comes in response to a surge in volatility and perhaps even a wave of panic in financial markets. Stocks have fallen somewhat swiftly as trade tensions increasingly look like an ongoing narrative as opposed to a temporary issue. The bigger story, however, is in the bond market (which is directly responsible for most interest rates, including mortgages). Relative to stocks, bonds have been undergoing a much bigger move as the market attempt to reprice its expectations for Fed rate cuts. Yes, that's CUTS with a "C" now. Up until the past few days and weeks, you were just as likely to hear about potential "hikes." But all that seems to have gone out the window, and quickly

June 4, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.34% +0.06%   6.13% 7.26% 15 Yr. Fixed 5.82% +0.01%   5.6% 6.59% 30 Yr. Jumbo 6.32% +0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jun 4, 2019 Mortgage Rates Continue to Plummet Mon, Jun 3, 2019 5:30PM Mortgage rates dropped quickly again today, easily hitting the lowest levels since late 2017 for the average lender. The move comes in response to a surge in volatility and perhaps even a wave of panic in financial markets. Stocks have fallen somewhat swiftly as trade tensions increasingly look like an ongoing narrative as opposed to a temporary issue. The bigger story, however, is in the bond market (which is directly responsible for most interest rates, including mortgages). Relative to stocks, bonds have been undergoing a much bigger move as the market attempt to reprice its expectations fo... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.34% +0.06 0.00 15 Yr. Fixed 5.82% +0.01 0.00 30 Yr. FHA 6.06% +0.05 0.00 30 Yr. Jumbo 6.32% +0.02 0.00 7/6 SOFR ARM 5.98% +0.09 0.00 30 Yr. VA 6.08% +0.05 0.00 Updates Daily - Last Update: 11/3 Freddie Mac Rate Change Points 30 Yr. Fixed 6.17% -0.02 0.00 15 Yr. Fixed 5.41% -0.03 0.00 Updates Weekly - Last Update: 10/30 Mortgage Bankers Assoc. 30 Yr. Fixed 6.30% -0.07 0.58 15 Yr. Fixed 5.67% -0.07 0.61 30 Yr. Jumbo 6.38% -0.01 0.34 Updates Weekly - Last Update: 10/29 UMBS 30YR 5.0 99.58 +0.13   95.05 100.11 UMBS 30YR 5.5 101.09 +0.09   97.47 101.40 10 YR Treasury 4.088 -0.021   3.932 4.780 MBS Live Day Ahead: Bond Rally Meets Resistance: Patience or Panic? Tue, Jun 4, 2019 8:45AM In the day just past, bonds continued to push feverishly into the lowest yields since 2017.  In fact, 10yr yields were only about 1bp away from the l owest levels since election week in 2016!  All told, the rebound from late 2018 has trave... (read more) MBS Price Change UMBS 4.5 97.53 +0.11 UMBS 5.0 99.58 +0.13 UMBS 5.5 101.09 +0.09 GNMA 4.5 97.53 +0.02 GNMA 5.0 99.80 +0.15 GNMA 5.5 100.88 +0.08 Pricing as of: 11/4 8:19AM EST US Treasury Yield Change 2 YR Treasury 3.576 -0.033 5 YR Treasury 3.697 -0.027 7 YR Treasury 3.881 -0.025 10 YR Treasury 4.090 -0.019 30 YR Treasury 4.674 -0.019 Pricing as of: 11/4 8:19AM EST Other News Public and Private Construction Spending Essentially Unchanged Tue, Jun 4, 2019 9:47AM Spending on construction was almost flat in April. The Census Bureau said total expenditures of both public and private money was essentially unchanged from the seasonally adjusted estimate in March of $1.30 trillion. The March number was revised from $1.28 trillion. The April spending number was 1.2 percent lower than the annual rate in April 2018. On an un... (read more) This Week Marked Low-Key Launch of the GSEs' Single MBS Tue, Jun 4, 2019 9:16AM The long-awaited single mortgage-backed security from the GSEs Fannie Mae and Freddie Mac launched on Monday. The official start date for the single security was announced in mid-March. The single security will be issued via the Common Securitization Platform (CSP), a technology and operational platform operated by Common Securitization Solutions, a joint ve... (read more) Prepayments, Refinance Pool, Affordability all Increase as Rates Decline Mon, Jun 3, 2019 10:50AM As the current issue of Black Knight's Mortgage Monitor was going to "press" mortgage rates dropped under 4.0 percent for the first time in more than a year. Black Knight spokesperson Mitch Cohen says the decline to 3.99 percent sent what the company considered the refinanceable population of homeowners up by 2 million in just a month and a total of 3 millio... (read more) Anti-fraud Products; New MSR Index; Primer on Tariffs, Inflation, and Rates Tue, Jun 4, 2019 9:28AM What does $3.4 million buy you in Joisey? A 5,600 square foot house on 1.5 acres. In this case, it was the house owned by New Jersey’s Tony and Carmela in The Sopranos. (Ducks in the pool not included.) What does $3.4 million take down in mountains of Colorado? How about 447 acres with a stunning ranch house . Lender Services and Products Lending solut... (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 CNBC The vice chair of the Fed says if the yield curve inverts, he would take it 'seriously' NAR - Realtor.com Home Prices Accelerate for the First Time in 12 Months Reuters Stocks jump amid rate-cut hopes, tech shares' bounce; bond yields rise NAR - Realtor.com The Top Real Estate Markets for Home Buyers CNBC Cold is the hottest new real estate investment CNBC Fed's Evans: The market is seeing something 'that I haven't seen yet' Reuters Instant View - Fed will respond 'as appropriate' to risks like trade war: Powell Calculated Risk Blog CoreLogic: House Prices up 3.6% Year-over-year in April consumerfinancemonitor.com Congress Passes Six-Month Extension of National Flood Insurance Program Reuters Powell: Fed will act 'as appropriate' in face of trade, other risks NAHB Eye on Housing Housing and the Agriculture Industry in the Midwest CNBC Fed's Evans: 'Pretty comfortable' with policy, but 'nervous' about inflation CNBC Investors want a Fed rate cut before economy turns: 'Risk becomes greater the longer you wait'

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