Mortgage rates were sideways to slightly higher today despite a weak reading of the Employment Situation (aka "the jobs report"). This is traditionally the most influential piece of economic data on any given month as far as bond markets (which drive mortgage rates) are concerned. Recent intractability of inflation combined with several years of solid jobs gains have increasingly robbed this report of that historical influence. Don't get me wrong. The jobs report is still a big trading day for markets. It's just that we're not seeing bonds end up where past precedent would suggest. Specifically , today's report would clearly suggest lower rates by the end of the day. Instead, the average lender is slightly higher. Part of that has to do with the fact that rates improved fairly solidly for the

September 1, 2017 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 Sep 1, 2017 Mortgage Rate Rally Stalls Despite Weak Jobs Report Fri, Sep 1, 2017 2:24PM Mortgage rates were sideways to slightly higher today despite a weak reading of the Employment Situation (aka "the jobs report"). This is traditionally the most influential piece of economic data on any given month as far as bond markets (which drive mortgage rates) are concerned. Recent intractability of inflation combined with several years of solid jobs gains have increasingly robbed this report of that historical influence. Don't get me wrong. The jobs report is still a big trading day for markets. It's just that we're not seeing bonds end up where past precedent would suggest. Specificall... (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 5.5 101.26 +0.13   97.47 101.61 UMBS 30YR 6.0 102.53 +0.05   99.66 102.53 10 YR Treasury 4.048 -0.039   3.621 4.780 MBS Live Day Ahead: Today's NFP Trade May Not be Market's "Final Answer" Fri, Sep 1, 2017 8:30AM I wish Who Wants to be a Millionaire was still a popular show.  Its catchphrases and terminology work really well with bond market psychology.  Often times, bonds will look like they're going to move in one particular direction for one part... (read more) MBS Live Recap: Tame Inflation Stands Aside for Month-End Buyers Thu, Aug 31, 2017 5:32PM Without month-end trading needs and in the absence of one of the most relevant inflation reports, today may well have been a typically slow summertime trading session.  In fact, relative to other times of the year, it still managed to be fairly slow.  But relative to the past 2 weeks, it was one of the more actively-traded sessions.  That's ... (read more) MBS Price Change UMBS 5.0 99.74 +0.27 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.53 +0.05 GNMA 5.0 100.09 +0.27 GNMA 5.5 101.22 +0.09 GNMA 6.0 102.16 +0.02 Pricing as of: 9/8 4:52PM EST US Treasury Yield Change 2 YR Treasury 3.495 -0.023 5 YR Treasury 3.567 -0.022 7 YR Treasury 3.771 -0.030 10 YR Treasury 4.042 -0.045 30 YR Treasury 4.687 -0.083 Pricing as of: 9/8 4:52PM EST Other News Majority of Harvey Losses Uninsured Fri, Sep 1, 2017 9:55AM CoreLogic, which provides data and analytics to the insurance as well as the mortgage industry, has issued some preliminary estimates for the residential losses arising out of Hurricane Harvey . One typically thinks of wind when hearing about hurricanes, but those insured losses in this case were minor in the overall scheme of things, $1 to $2 billion. No su... (read more) Residential Sector Continues to Buoy the Construction Spending Fri, Sep 1, 2017 12:03PM Total spending on construction slipped nationwide in July, down 0.6 percent from June to a seasonally adjusted annual rate of $1.21 trillion, but it remains 1.8 percent higher than the estimate for July 2016. The U.S. Census Bureau revised its estimate for June, originally reported at $1.21 trillion, to $1.22 trillion. On a non-seasonally adjusted basis, spe... (read more) Comprehensive Disaster Updates From Agencies, Lenders, and Investors Fri, Sep 1, 2017 9:25AM You think you have it rough? Try being a Wells Fargo MLO trying to hold onto your business when every newspaper is carrying stories about the cross-selling scandal, auto insurance scandal, unauthorized account scandal, bill pay enrollment scandal, rate lock fee scandal… No wonde r independent mortgage banks are picking up market share through steering... (read more) Latest Video Market needs to see more data before being conviced of December hike: Brian... Tightening labor market not enough to lift wage growth: Former deputy Labor... ISM manufacturing index at 58.8 vs. 56.3 estimate Around the Web Reuters White House retreats from government shutdown threat: Washington Post Calculated Risk Blog Great Commentary on Jobs Report From Calculated Risk CNBC BMO strategist Belski discusses why the jobs report isn't so bad NAHB Eye on Housing 156,000 Jobs Added in August, 13,000 in Residential Construction Reuters Federal Reserve finalizes rules to help unwind big banks Redfin Redfin Housing Demand Index Dipped in July as Inventory Shortage Deepened Brookings Institution Job growth cools down in August, Hurricane Harvey not a factor CNBC Construction spending falls to 9-month low Calculated Risk Blog ISM Manufacturing index increased to 58.8 in August Market Watch Economic Report: Consumer sentiment retreats in late August Bloomberg Payrolls in US Rise 156000; Wages Also Below Forecasts Reuters Dollar, Wall Street futures make quick recovery from soft U.S. jobs data Market Watch The Fed: December rate hike still expected by economists, if not market, after jobs report

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