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While this week's rates were substantially higher than most of last week's, if we remove a few flashes of volatility, the average lender stayed very close to Monday morning's levels. Wednesday afternoon and Thursday mid-day definitely saw multiple negative reprices, but in each case, the bond market recovered enough to limit the volatility. Compared to last week, it may as well have been a flat line.
The following chart shows the mortgage backed securities (MBS) prices that directly dictate mortgage rate movement. Higher prices = lower rates and vice versa.
Today's economic data included a wholesale inflation report that has occasionally caused some volatility, but today's installment was not one of them. The bond market improved a bit heading into the afternoon and traded calmly from there. As such, mortgage lenders were not compelled to make any negative mid-day changes after setting this morning's rates very close to yesterday's latest levels.
The next time lenders have a chance to set mortgage rates for the day will be Tuesday due to the market closure on Monday for Indigenous Peoples' Day.
(view article)Rate | Points | Change | |
---|---|---|---|
10/11/24
Mortgage News Daily - daily
|
|||
30 Yr. Fixed | 6.64% | -- | +0.02% |
15 Yr. Fixed | 6.10% | -- | -0.06% |
30 Yr. Jumbo | 6.75% | -- | +0.00% |
7/6 SOFR ARM | 6.55% | -- | -0.01% |
30 Yr. FHA | 6.12% | -- | +0.00% |
30 Yr. VA | 6.13% | -- | -0.02% |
10/10/24
Freddie Mac - weekly
|
|||
30 Yr. Fixed | 6.32% | 0.00 | +0.20% |
15 Yr. Fixed | 5.41% | 0.00 | +0.16% |
9/25/24
MBA - weekly
|
|||
30 Yr. Fixed | 6.13% | 0.57 | -0.03% |
15 Yr. Fixed | 5.47% | 0.52 | +0.05% |
30 Yr. FHA | 5.99% | 0.79 | -0.13% |
30 Yr. Jumbo | 6.47% | 0.50 | +0.06% |
7/6 SOFR ARM | 5.76% | 0.44 | +0.10% |
Change | 52 Week Range | |||||||
---|---|---|---|---|---|---|---|---|
Rate | Points | Previous | 1 Year | Low | High | |||
as of 10/11/24
Mortgage News Daily - updated daily
|
||||||||
30 Yr. Fixed | 6.64% | -- | +0.02% | -0.96% | 6.11% |
|
8.03% | |
15 Yr. Fixed | 6.10% | -- | -0.06% | -0.89% | 5.54% |
|
7.35% | |
30 Yr. Jumbo | 6.75% | -- | +0.00% | -1.10% | 6.37% |
|
8.09% | |
7/6 SOFR ARM | 6.55% | -- | -0.01% | -0.50% | 5.95% |
|
7.55% | |
30 Yr. FHA | 6.12% | -- | +0.00% | -0.96% | 5.65% |
|
7.44% | |
30 Yr. VA | 6.13% | -- | -0.02% | -0.96% | 5.66% |
|
7.46% | |
as of 10/10/24
Freddie Mac - updated weekly
|
||||||||
30 Yr. Fixed | 6.32% | 0.00 | +0.20% | -1.17% | 6.08% |
|
7.79% | |
15 Yr. Fixed | 5.41% | 0.00 | +0.16% | -1.37% | 5.15% |
|
7.03% | |
as of 9/25/24
Mortgage Bankers Association - updated weekly
|
||||||||
30 Yr. Fixed | 6.13% | 0.57 | -0.03% | -1.18% | 6.13% |
|
7.90% | |
15 Yr. Fixed | 5.47% | 0.52 | +0.05% | -1.15% | 5.42% |
|
7.14% | |
30 Yr. FHA | 5.99% | 0.79 | -0.13% | -1.09% | 5.99% |
|
7.57% | |
30 Yr. Jumbo | 6.47% | 0.50 | +0.06% | -0.85% | 6.41% |
|
7.80% | |
7/6 SOFR ARM | 5.76% | 0.44 | +0.10% | -0.66% | 5.66% |
|
6.99% |