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99.64
-0.20
10 Year Treasury
4.347
+0.067
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In the day just passed, bonds sold off by a completely average amount in the context of recent volatility and new trading range.  Motivations were above-board and easy to confirm (trade war headlines).  The move was mirrored in stocks and other assets.  Bottom line: as far as moderately-paced sell-offs are concerned, this one was totally boring.  The overnight session was less boring with a slew of flat-to-weaker economic data around the globe.  It prompted a gradual rally at first, followed by a sharp rally bringing yields to new long-term lows before the open. In the day ahead, traders who haven't figured out what's going on yet will continue to scratch their heads and try to piece together the new reality.  Actually, it's an old reality that has simply been coming into focus by increasing degrees this summer.  Most of it has to do with trade war fallout (by an amount that's already destined to occur based on existing issues as well as the additional amount we're likely to experience in the coming months), but there are bigger-picture, longer-term considerations as well. The ability of shorter-term struggle to stir up gloomier longer-term outlooks is both interesting and dangerous.  For instance, if you've ever been down on your luck, struggling to make it in the world, you might be more inclined to ruminate on the realities of "the struggle" in general.  In other words, this bout of trade war fallout and the ensuing global economic slide can't help but make some of us wonder where "all this" is going.  By "all this," I'm referring to what is, in many ways, a grand experiment blending pockets of intense free market capitalism with rapidly evolving socialist economies, with numerous smaller and much more mature economies occupying the perimeter of the financial world. You can walk into a bakery in Japan, for instance, that's been there for 1000 years.  Will the US have reached Japan's level of population density and birth/death rates when we have those bakeries?  (Trick question, the gluten police will make sure no bakery lasts that long, but I digress).  The point is that the endgame of global economic growth is not perpetual growth!  By the very nature of the laws of the physical universe, there must come a time when things level off more and more.  That doesn't mean growth stops any time soon, but the farther along we move through time, the more frequently we may dip into corrective growth patterns.  Take a look at how frequently Japan has dipped into negative GDP, for instance: Over that same time frame, the US GDP story is very different: Unless the human race is to sprint toward the finish line and extinguish itself with a bang, the only sustainable endgame is for these charts to evolve such that the lines are orbiting around the 0.00% level.  Hmmm... So scratch everything I just said.  Humanity won't be willing to type that destination into its emotional GPS, so "extinguish with a bang" it is!  Fortunately, this could take hundreds of years to play out.  Months like August 2019 just lend themselves to meditating on the topic. Here was a meditation I prepared this morning that didn't seem to fit anywhere else in this rant: a quick annotated chart of rates that helps explains why we are where we are. The Fed may have raised rates a bit too high and been too slow to appreciate global economic risks that were building throughout 2018. "Let’s follow stocks lower and hope the Fed agrees it’s time for a change." This is the zone where bonds circled the wagons after escaping the perverse higher-rate reality that the market seemed to be rolling over and accepting by the fall of 2019.  They were waiting to hear from the Fed on March 20th.  The Fed was friendly and so the next rally ensued Surely, this "big" move from 3.25 to 2.40% is overdone and bonds have to undergo a correction? NOPE!  Trump tariff tweets!  (first China, then Mexico) OK OK OK, so the trade war stuff is dying down and the Fed is probably gonna cut rates, but it could be a one and done thing, right?  Maybe we'll work out the trade war stuff and there will be a glorious extension of this long-standing economic expansion. NOPE!  More Trump tariff tweets, this time joined by Chinese currency devaluation, crummy global economic data, an ongoing slide in domestic econ data  and the general fear that the trade war has already done enough damage to drastically effect global growth prospects for a long time.  
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August 14, 2019
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MBS Commentary
MBS Live Day Ahead: Suddenly, Bonds Are Pretty Sure The Global Economy is Doomed
In the day just passed, bonds sold off by a completely average amount in the context of recent volatility and new trading range.  Motivations were above-board and easy to confirm (trade war headlines).  The move was mirrored in stocks and o... (read more)
Housing News
Refinance Spree Continues with Rates at Near 3-Year Lows
The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, rose 21.7 percent on a seasonally adjusted basis during the week ended August 9. MBA attributed the substantial decline in interest rate... (read more)
Mortgage Rate Watch
Mortgage Rates Jump After Tariff Delay
Mortgage rates were still unchanged for many lenders as of this morning. There were even a few offering slightly lower rates compared to yesterday morning's offerings. That was a welcome development considering broader bond markets (which generally d... (read more)
Rob Chrisman
Broker, Non-QM Products; Policy and Procedure Trends
Data compiled by the American Bar Association shows that average lawyer pay has nearly doubled since 1997! Mortgage loan originators enjoy comparing themselves to attorneys, despite the formal educational differences, the time involved with case work... (read more)
Housing News
Loan Performance Responds to Slowing Economy, Natural Disasters
Both the Mortgage Bankers Association (MBA) and CoreLogic issued data on recent loan performance on Tuesday. For CoreLogic the Monthly Loan Performance Report covered May, MBA's National Delinquency Survey is for the second quarter of this year. MBA ... (read more)
Housing News
Fannie/Freddie Universal MBS Launch Has Been Seamless So Far
After years of planning, the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac launched their uniform mortgage-backed security (UMBS) in early June. So far, the Urban Institute (UI) likes what it sees. UI analysts Karan Kaul and ... (read more)
Mortgage Rates
30 Yr. Fixed Rate
6.75% +0.02%
Rate Change Points
Mortgage News Daily
30 Yr. Fixed 6.75% +0.02 0.00
15 Yr. Fixed 5.98% +0.01 0.00
30 Yr. FHA 6.27% +0.02 0.00
30 Yr. Jumbo 6.85% +0.01 0.00
7/6 SOFR ARM 6.32% -0.01 0.00
30 Yr. VA 6.29% +0.03 0.00
Updates Daily - Last Update: 7/3
15 Yr. Fixed Rate
5.98% +0.01%
Rate Change Points
Freddie Mac
30 Yr. Fixed 6.67% -0.10 0.00
15 Yr. Fixed 5.80% -0.09 0.00
Updates Weekly - Last Update: 7/3
Rate Change Points
Mortgage Bankers Assoc.
30 Yr. Fixed 6.79% -0.09 0.62
15 Yr. Fixed 6.06% -0.05 0.67
30 Yr. Jumbo 6.78% -0.10 0.40
Updates Weekly - Last Update: 6/26
MBS / Treasuries
UMBS 30YR 5.5
99.64 -0.20
Price / Yield Change
MBS
UMBS 5.5 99.64 -0.20
UMBS 6.0 101.43 -0.13
GNMA 5.5 99.86 -0.11
GNMA 6.0 101.34 -0.06
Pricing as of: 7/6 4:56PM EST
10 Year US Treasury
4.3467 +0.0669
Price / Yield Change
US Treasury
2 YR Treasury 3.883 +0.095
5 YR Treasury 3.937 +0.070
7 YR Treasury 4.125 +0.068
10 YR Treasury 4.347 +0.067
30 YR Treasury 4.863 +0.055
Pricing as of: 7/6 4:56PM EST
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Today's Mortgage Rates  |  Mortgage Calculators
7/3/2025
30 Yr. Fixed Rate
6.75%
+0.02%
0.00
MBS & Treasury Prices
UMBS 30YR 5.5
99.64
-0.20
10 Year US Treasury
99.222
-0.537
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