Mortgage rates fell modestly today, with bond market strength both before and after the release of the Fed Minutes (a more detailed account of the Fed meeting that took place 3 weeks ago). Stronger bond markets correlate with lower rates. Bonds tend to benefit from weak economic data, low inflation expectations, and an accommodative monetary policy stance from the Fed. Today's economic data was generally weaker, but of particular importance at the moment were the inflation expectations in the consumer sentiment data, which came in near the lowest levels since the financial crisis. The Fed Minutes also mentioned some concern over intractably low inflation, though they continue to expect a rebound based on a strong labor market. Bond markets are already well aware the Fed is planning on hiking

November 22, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.27% -0.04%   6.13% 7.26% 15 Yr. Fixed 5.82% -0.01%   5.6% 6.59% 30 Yr. Jumbo 6.20% -0.02%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Nov 22, 2017 Mortgage Rates Move Modestly Lower Ahead of Holiday Wed, Nov 22, 2017 2:55PM Mortgage rates fell modestly today, with bond market strength both before and after the release of the Fed Minutes (a more detailed account of the Fed meeting that took place 3 weeks ago). Stronger bond markets correlate with lower rates. Bonds tend to benefit from weak economic data, low inflation expectations, and an accommodative monetary policy stance from the Fed. Today's economic data was generally weaker, but of particular importance at the moment were the inflation expectations in the consumer sentiment data, which came in near the lowest levels since the financial crisis. The Fed Minu... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.27% -0.04 0.00 15 Yr. Fixed 5.82% -0.01 0.00 30 Yr. FHA 6.00% -0.03 0.00 30 Yr. Jumbo 6.20% -0.02 0.00 7/6 SOFR ARM 5.71% -0.01 0.00 30 Yr. VA 6.02% -0.03 0.00 Updates Daily - Last Update: 10/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.72 +0.04   95.05 99.96 UMBS 30YR 5.5 101.09 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Day Ahead: Only Major Econ Data of The Week, Plus Fed Minutes Wed, Nov 22, 2017 8:34AM To be sure, market participants have one foot out the door today--either mentally, physically, or both.  This has already been made quite clear in the increasingly consolidative range that we've been tracking throughout November, but especially... (read more) MBS Live Recap: Bond Rally More Coincidence Than Causality Wed, Nov 22, 2017 4:38PM We've discussed the tenor of Thanksgiving week in bond markets being more to do with serendipity than traditional "cause and effect" relationships.  That means the events and data on the calendar that typically push and pull on bonds throughout the course of the day are less relevant than normal.  Instead, it's the sometimes random, sometimes count... (read more) MBS Price Change UMBS 4.5 97.75 +0.06 UMBS 5.0 99.72 +0.04 UMBS 5.5 101.09 +0.01 GNMA 4.5 97.73 +0.03 GNMA 5.0 99.94 +0.11 GNMA 5.5 100.95 +0.05 Pricing as of: 10/15 6:00PM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.017 5 YR Treasury 3.620 +0.015 7 YR Treasury 3.805 +0.006 10 YR Treasury 4.029 +0.001 30 YR Treasury 4.627 -0.004 Pricing as of: 10/15 6:00PM EST Other News Delinquencies Soar in Storm Impacted Areas Wed, Nov 22, 2017 11:42AM As predicted, mortgage delinquencies resulting from Hurricanes Harvey and Irma continued to play out in October. Black Knight Financial Services, in its "First Look" at the month's loan performance data, said the delinquency rate spiked in both Texas and Florida, skewing the national data. The US delinquency rate rose 4 basis points (bps) during the month, b... (read more) Purchases Reclaimed Market Share From Refis Last Week Wed, Nov 22, 2017 8:47AM This month's half-hearted rally in refinancing didn't last long . During the week that ended November 10, applications for refinancing made up more than half of all mortgage applications received, the first time that had happened since late September, and refinancing volume jumped 6 percent. Last week refinancing ebbed, but purchase mortgage applications did... (read more) Upcoming Events and Training; Tax-Related Underwriting Changes Wed, Nov 22, 2017 8:59AM The lending world has plenty of truly very busy people. (Or maybe that is what they tell their bosses.) How best to communicate with them? Here’s an article that might be of interest to some: "How to Send Emails to Very Busy People" . Events & training Join TMBA's Southern Secondary Market Conference on February 6 & 7, 2017 at The Westin Housto... (read more) Latest Video Fed: Rate increase likely warrented soon Yellen: 'Very uncertain' inflation will rebound soon Santelli Exchange: Where will the U.S. 10-year close at year's end? Around the Web CNBC Fed officials fear financial market 'imbalances' and possibility of 'sharp reversal' in prices Federal Reserve Minutes of the Federal Open Market Committee, October 31-November 1, 2017 CNBC The Fed needs to 'stop talking' so much NAR - Realtor.com Bitcoin Is Creeping Into Real Estate Deals Brookings Institution Hutchins Roundup: Negative policy rates, Medicaid Advantage, and more Calculated Risk Blog Philly Fed: State Coincident Indexes increased in 41 states in October Freddie Mac Mortgage Rates Hold Steady CNBC Consumer sentiment hits 98.5 in November vs. 98 estimate Bloomberg US Business Equipment Orders Fall for First Time Since June NAHB Eye on Housing Slight Gains for Custom Home Building Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 239,000 Bloomberg ECB Is Said to Review Corporate-Bond Plan as Next QE Step Nears - Bloomberg CNBC US weekly jobless claims total 239,000, vs 240,000 expected

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