Mortgage rates have been higher almost exclusively for the past 2 weeks. Yesterday was no exception as the Federal Reserve released a rate hike forecast that was slightly more optimistic than markets were expecting. By yesterday afternoon, the average 30yr fixed mortgage rate was at its highest levels in over a month. The Fed news justified a defensive stance among prospective mortgage borrowers. When rates move initially higher following a Fed announcement, it's all too common to see that momentum continue in the following day. In today's case, we've actually seen a bit of support. Underlying bond markets were in slightly better shape vs yesterday for most of the day, thus allowing lenders to either keep mortgage rates unchanged or to bring them marginally lower. 4.0% remains the most prevalently

September 21, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.13% -0.12%   6.11% 7.26% 15 Yr. Fixed 5.71% +0.00%   5.54% 6.59% 30 Yr. Jumbo 6.15% -0.10%   6.15% 7.45% Compare Mortgage Rates from Local Lenders for Sep 21, 2017 Mortgage Rates Find Some Support Thu, Sep 21, 2017 3:44PM Mortgage rates have been higher almost exclusively for the past 2 weeks. Yesterday was no exception as the Federal Reserve released a rate hike forecast that was slightly more optimistic than markets were expecting. By yesterday afternoon, the average 30yr fixed mortgage rate was at its highest levels in over a month. The Fed news justified a defensive stance among prospective mortgage borrowers. When rates move initially higher following a Fed announcement, it's all too common to see that momentum continue in the following day. In today's case, we've actually seen a bit of support. Underlying... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.13% -0.12 0.00 15 Yr. Fixed 5.71% 0.00 0.00 30 Yr. FHA 5.91% -0.08 0.00 30 Yr. Jumbo 6.15% -0.10 0.00 7/6 SOFR ARM 5.65% +0.01 0.00 30 Yr. VA 5.92% -0.09 0.00 Updates Daily - Last Update: 9/16 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.98 +0.03   95.05 100.50 UMBS 30YR 5.5 101.28 +0.04   97.47 101.61 10 YR Treasury 4.020 -0.011   3.643 4.780 MBS Live Day Ahead: Bond Sell-Off's Grinch-Like Heart Growing 2.28 Sizes Thu, Sep 21, 2017 9:43AM Remember when the Grinch's heart grew 3 sizes?  No, I mean, do you really remember watching that movie for the first time and the feeling you had when you saw the Grinch finally on the cusp of doing something redeeming?   Fans of low r... (read more) MBS Live Recap: Bonds Generally Hold Ground, Complicating The Outlook Thu, Sep 21, 2017 4:40PM In a sick way, it would have been easier to see additional weakness in bond markets today.  At least that would have jived with past precedent of "course corrections" from the Fed resulting in a shift in the prevailing momentum.  Arguably, yesterday's Fed announcement was a course correction--not because they implemented the balance sheet normali... (read more) MBS Price Change UMBS 4.5 98.05 +0.01 UMBS 5.0 99.98 +0.03 UMBS 5.5 101.27 +0.04 GNMA 4.5 98.17 +0.02 GNMA 5.0 100.27 +0.06 GNMA 5.5 101.18 -0.03 Pricing as of: 9/17 4:05AM EST US Treasury Yield Change 2 YR Treasury 3.504 +0.001 5 YR Treasury 3.581 -0.005 7 YR Treasury 3.767 -0.005 10 YR Treasury 4.021 -0.010 30 YR Treasury 4.640 -0.012 Pricing as of: 9/17 4:05AM EST Other News 3 Trends That Will Drive The Mortgage Market in 2018 - Freddie Mac Thu, Sep 21, 2017 12:36PM Hard to believe it's already that time again, but Freddie Mac's Economic and Housing Research Group are out with their forecast for 2018. The headline is that they expect the economic environment to remain favorable for housing and mortgage markets, with moderate economic growth of about two percent, solid job gains, and low mortgage interest rates . In othe... (read more) Pacific Division Prices Down in FHFA Report Thu, Sep 21, 2017 9:48AM Home prices increased by 0.2 percent from June to July according to the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI). The previously reported May to June gain was unchanged at 0.1 percent. Analysts expected a more aggressive increase . Those polled by Econoday had reported a consensus of 0.4 percent, with a range of 0.1 to 0.5. The FHFA'... (read more) False Claims Act Penalty; Lender's Disaster News; Fed Does the Expected Thu, Sep 21, 2017 9:25AM I am currently in South Carolina, and as it turns out, no other U.S. region is more populous than the South Atlantic United States (Washington, D.C., Delaware, Maryland, Virginia, West Virginia, Georgia, North Carolina, South Carolina, and Florida). I realize that this commentary is focused on residential lending, but this area also represents a key portion ... 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