Mortgage rates unexpectedly fell to new 7-month lows today, following bond market gains in the overnight hours (Asian and European trading sessions). Interest rates are driven by bond markets. The latter is part of an ecosystem of "risk" associated with the entire financial market. At times, most of that broader market will collectively move toward or away from risk. When investors are shedding risk, bonds (and thus, mortgage rates) tend to benefit. Adding to the bigger-picture move was a headline regarding China's intention to buy more US bonds. Higher demand for bonds results in higher prices (which move inversely from rates). The average lender is now quoting conventional 30yr fixed rates in the high 3% range on top tier scenarios. The range is fairly wide between lenders as some were better

June 6, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jun 6, 2017 Mortgage Rates Unexpectedly Fall to 2017 Lows (Again) Tue, Jun 6, 2017 4:20PM Mortgage rates unexpectedly fell to new 7-month lows today, following bond market gains in the overnight hours (Asian and European trading sessions). Interest rates are driven by bond markets. The latter is part of an ecosystem of "risk" associated with the entire financial market. At times, most of that broader market will collectively move toward or away from risk. When investors are shedding risk, bonds (and thus, mortgage rates) tend to benefit. Adding to the bigger-picture move was a headline regarding China's intention to buy more US bonds. Higher demand for bonds results in higher price... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 MBS Live Day Ahead: A Bullish Big-Picture Case for Bond Markets Tue, Jun 6, 2017 9:28AM There are no significant data or events on the calendar today and the Fed remains in its "blackout period" (where Fed speakers abstain from commenting on monetary policy in the week and a half leading up to a Fed Announcement).  On top of that, ... (read more) MBS Live Recap: Last Week's Rate Rally Mostly Intact After This Week's Slow Start Mon, Jun 5, 2017 6:03PM ISM Non-Manufacturing was this morning's biggest potential market mover, but it came in very close to consensus.  Moreover, its internal components somewhat offset each other in that the inflation ("prices paid") component was much weaker while the Employment component was much stronger.  Both before and after the data, bonds barely budged, thoug... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/6 10:18PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/6 10:18PM EST Other News Home Builder Group Voices Support for Mortgage Deduction Tue, Jun 6, 2017 9:49AM June is National Homeownership Month and the National Association of Home Builders (NAHB) says that owning a home is as much a part of the American Dream as ever. The Association commissioned a large-scale survey of 11,300 registered voter earlier this year and found that 70 percent feel owning a home is important. "Americans continue to place a high priorit... (read more) "Bidding Frenzy" Drives Prices Higher Tue, Jun 6, 2017 9:47AM Home price increases moderated slightly in April, at least as measured by the CoreLogic Home Price Index (HPI). The company announced an increase of 6.9 percent compared prices in April 2016, falling off a bit from the year-over-year appreciation rate of 7.1 percent in March. Over the first four months of the year CoreLogic's HPI has averaged annual increase... (read more) State-Level Lending Law Changes - Does California Have a Price Loophole? Tue, Jun 6, 2017 9:40AM I received this note/suggestion regarding broker business. " Is California dysfunctional? In California, brokers are typically regulated by the BRE , but also the DBO . The BRE doesn't appear to care much about the LO comp rule, nor are brokers big enough to show up on the CFPB's radar screen. Brokers are able to pick their comp plans with various wholesaler... (read more) Latest Video Home prices still face supply, affordability issues Is the bond market showing warning signs? Buying bonds ahead of FOMC: Trader Around the Web Calculated Risk Blog Update: Framing Lumber Prices Up Year-over-year Bloomberg The Dollar's 'Stupidly Strong' Link With Bonds Means Deeper Losses Market Watch The bond market is giving the stock market a stern warning feedproxy.google.com Realtors Survey: Led By China, Foreign Investment in U.S. Commercial Real Estate on the Rise NAHB Eye on Housing Construction Job Openings Jump in April Freddie Mac Freddie Mac Surpasses $200 Billion in Multifamily K-Deal and SB-Deal Securitizations Gallup Confidence in Economy in May Lowest Since November 2016 CNBC How long you should wait before buying a home with your partner builderonline.com GI to Sell Waypoint Rentals to Colony Starwood Homes CNBC How long you should wait before buying a home with your partner Bloomberg Five Questions About the Fed's $4.5 Trillion Balance Sheet - Bloomberg CoreLogic CoreLogic US Home Price Report Shows Prices Up 6.9 Percent in April 2017 Calculated Risk Blog Las Vegas Real Estate in May: Sales up 28% YoY, Inventory down Sharply

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