Mortgage Rates skyrocketed today, relative to their average range of movement. It was the single biggest move higher since the days of the taper tantrum in mid-2013. Virtually all lenders are quoting conventional 30yr fixed rates that are at least an eighth of a point higher versus yesterday. Over the past decade, you can count single-day eighth-point moves without using any toes. Some lenders were a quarter point higher, which has only happened a few times, ever. The source of the drama is the market's paradoxical reaction to Trump's victory. Before the election, news that benefited Trump generally benefited rates. This was logical because Trump connoted uncertainty and rates tend to benefit when investors seek shelter from uncertainty by buying bonds. Indeed, bonds' first move was tremendously

November 10, 2016 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 Nov 10, 2016 Worst Day For Mortgage Rates in Over 3 Years Wed, Nov 9, 2016 4:38PM Mortgage Rates skyrocketed today, relative to their average range of movement. It was the single biggest move higher since the days of the taper tantrum in mid-2013. Virtually all lenders are quoting conventional 30yr fixed rates that are at least an eighth of a point higher versus yesterday. Over the past decade, you can count single-day eighth-point moves without using any toes. Some lenders were a quarter point higher, which has only happened a few times, ever. The source of the drama is the market's paradoxical reaction to Trump's victory. Before the election, news that benefited Trump gen... (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 5.5 101.17 -0.11   97.47 101.61 UMBS 30YR 6.0 102.48 -0.06   99.66 102.50 10 YR Treasury 4.073 +0.034   3.621 4.780 MBS Live Day Ahead: Bonds' Momentum Problem Thu, Nov 10, 2016 10:30AM We talk about " momentum " a lot when it comes to bond market movement.  I like reducing financial market concepts and reducing them to easy-to-understand analogies.   Sometimes a simple momentum analogy is that of swimming.  It's e... (read more) MBS Live Recap: Has Anyone Not Already Heard That Bonds Got Killed Today? Wed, Nov 9, 2016 5:37PM These are the sorts of things I think about sometimes when I'm coming up with a title for the recap.  If you have enough of a stake in bond market movement that you find yourself reading my commentary, is there any possible way you aren't alread... (read more) MBS Price Change UMBS 5.0 99.55 -0.23 UMBS 5.5 101.16 -0.12 UMBS 6.0 102.47 -0.07 GNMA 5.0 99.90 -0.17 GNMA 5.5 101.13 -0.05 GNMA 6.0 102.06 -0.12 Pricing as of: 9/9 12:01PM EST US Treasury Yield Change 2 YR Treasury 3.533 +0.045 5 YR Treasury 3.600 +0.038 7 YR Treasury 3.804 +0.036 10 YR Treasury 4.076 +0.037 30 YR Treasury 4.727 +0.037 Pricing as of: 9/9 12:01PM EST Other News Housing Affordability Slipped even as Rates Slid Thu, Nov 10, 2016 2:37PM The affordability tug-of-war between home prices and interest rates continued in the third quarter, but the National Association of Home Builders (NAHB) said this time prices won. Home price appreciation, which continued pretty much unabated in the quarter, offset a small decline in rates and the NAHB/Wells Fargo Housing Opportunity Index (HOI), a measure of... (read more) PHH's $28 Million Fine; Miami's Fair Housing Lawsuit; Ocwen News; Trump on Yellen/CFPB Thu, Nov 10, 2016 10:43AM The BLS reports 5 of the 10 fastest growing jobs pay less than $25k per year . I wonder what percentage of real estate agents earn that? Realtors have a huge influence of a borrower's lender decision, according to a Freddie Mac survey . The biggest factors are ease of doing business, reputation, and the strength of their relationship with the agent. "Eighty-... (read more) PHH to Exit Private Label; Disaster News; Marijuana and Mortgages; Oh, And The Election Wed, Nov 9, 2016 10:56AM Friday is a day to honor veterans. Different people do that in different ways, and one way is for a restaurant chain to offer a free meal to those who served their country. Pass this list along to a vet, and hats off to those establishments. PHH not only came out with its earnings but also announced that it was exiting the private label solutions (PLS) segme... (read more) Latest Video What Trump could do to the bond market Rates bump on Trump Don't expect rates to move too much : Pro Around the Web Market Watch The Fed: Fed's Lacker sees more interest-rate hikes if Republican Congress enacts stimulus Reuters Democrat Warren says will fight Trump on U.S. financial rules, race issues Reuters Common cause for Trump and Yellen in continuing job and wage growth Bloomberg Wells Fargo Leads Banks Higher as Trump Win Seen Curbing Warren - Bloomberg CNBC A Trump market reaction just made housing more expensive CNBC What's behind a sudden foreclosure spike Calculated Risk Blog MBA: Mortgage Delinquencies and Foreclosures Decrease in Q3 NAHB Eye on Housing Housing Affordability Edges Lower in Third Quarter CNN Alan Greenspan calls Dodd-Frank a 'disastrous mistake' freddiemac.mwnewsroom.com Freddie Mac: Mortgage Rates Climb Higher NY Times Economic Trends: The Market Is Betting Trump Will Bring Higher Inflation and Interest Rates CFPB Monitor CFPB participates in Fed webinar on overdraft practices CNBC Fed still due for single rate hike, then hold, says St. Louis Fed's Bullard

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