Mortgage rates managed to hold in line with 2017's lowest levels for a 2nd day, even though underlying bond markets suggested a move higher . That means the prices of mortgage-backed-securities (MBS--the bonds that dictate mortgage rates) were lower. When MBS prices are lower, it means investors are paying lenders less to buy mortgages. Lenders then raise rates to entice investor demand. If the nuts and bolts underlying the mortgage rate market suggested a move higher, why were rates able to hold their ground? The first part of this answer is that we're not talking about huge amounts of movement in bond markets. US Treasuries did experience a fair amount of weakness, but MBS held their ground better by comparison. Beyond that, lenders were holding something back yesterday, which is entirely

June 7, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 7, 2017 Rates Hold 2017 Lows Despite Market Weakness Wed, Jun 7, 2017 4:01PM Mortgage rates managed to hold in line with 2017's lowest levels for a 2nd day, even though underlying bond markets suggested a move higher . That means the prices of mortgage-backed-securities (MBS--the bonds that dictate mortgage rates) were lower. When MBS prices are lower, it means investors are paying lenders less to buy mortgages. Lenders then raise rates to entice investor demand. If the nuts and bolts underlying the mortgage rate market suggested a move higher, why were rates able to hold their ground? The first part of this answer is that we're not talking about huge amounts of moveme... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Day Ahead: Tomorrow Remains in Focus Even if Things Get Crazy Today Wed, Jun 7, 2017 9:19AM One never knows what to expect on the relatively data-free day ahead of a minefield of potential market movers 24 hours later.  To be clear, we're talking about today as that data-free day and tomorrow as the minefield (British election, Comey... (read more) MBS Live Recap: Today's Weakness Keeps Risks Alive Wed, Jun 7, 2017 4:57PM Bond markets were only modestly weaker in the overnight session (unlike yesterday where a majority of the day's weakness was seen overnight), but began losing ground shortly thereafter.  Weakness came in volatile spurts within a range that's still relatively narrow in the bigger picture.   The first noticeable bout of weakness emerged at the ... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.23 UMBS 6.0 102.38 -0.16 GNMA 5.0 99.73 -0.34 GNMA 5.5 101.04 -0.15 GNMA 6.0 102.01 -0.18 Pricing as of: 9/9 5:51PM EST US Treasury Yield Change 2 YR Treasury 3.558 +0.071 5 YR Treasury 3.617 +0.055 7 YR Treasury 3.816 +0.048 10 YR Treasury 4.087 +0.048 30 YR Treasury 4.732 +0.042 Pricing as of: 9/9 5:51PM EST Other News Production Volume Drives Mortgage Profits Down Wed, Jun 7, 2017 9:24AM Independent mortgage banks and mortgage subsidiaries of chartered banks reported a second straight quarter of falling profits during the three months that ended in March. The Mortgage Bankers Association's (MBA's) Quarterly Mortgage Bankers Performance Report, summarizing a survey among those bankers, found they had realized a net gain of $224 on each loan t... (read more) Holiday Week Mutes Application Activity Despite Falling Rates Wed, Jun 7, 2017 8:34AM Mortgage application volume rose during the week ended June 2, increasing by 7.1 percent on a seasonally adjusted basis. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume was lower on a non-seasonally adjusted falling by 15 percent after an adjustment was made to account for the Memorial Day holiday, which redu... (read more) Market Exec's View on Rates and Locks; Fannie and Freddie Changes; Book for Brokers Wed, Jun 7, 2017 9:59AM Summer is here, school is out for many, and it’s time for vacation, right? Here’s a little trivia for your co-workers. What is number of available vacation days that Americans collectively did not take in 2016? Try " 662 million " on for size. (There are about 124 million full time workers in the U.S.) Do you really think you'll be on your death ... (read more) Latest Video Borrowers jump at lowest rates since election Market will keep close eye on Comey testimony: Art Cashin Global growth forecast at 3.5% in 2017: Economist Around the Web NAFCU Fannie Mae index shows decline in homebuyer sentiment CNBC Ryan won't commit to Treasury timetable for debt-ceiling increase Market Watch Economic Report: Consumer credit slows sharply in April CNBC Comey will testify Trump told him 'I hope you can let this go' on Flynn investigation Bloomberg JPMorgan Will Fund Luxury-Condo Tower at NYC's 1 Wall Street CNBC While you weren't looking, the next fight over the debt ceiling got started Calculated Risk Blog Zillow Forecast: "Zillow's April Case-Shiller forecast expects growth of 5.6 percent in the national index" Gallup US Job Creation Index Returns to Record High Market Watch The Fed: Kocherlakota says Fed shouldn't hike rates in June and it should grow, not cut, the balance sheet Bloomberg HSBC's Bond Bull Major Moves Closer to Peers by Just a `Tweak' CNBC US Treasurys edge lower as bond investors pause ahead of UK election, ECB meeting Calculated Risk Blog Update: Framing Lumber Prices Up Year-over-year Bloomberg The Dollar's 'Stupidly Strong' Link With Bonds Means Deeper Losses

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