Mortgage rates had a bad week last week, quickly rising to the highest levels in months. To make matters more frustrating, there weren't any clearly-delineated reasons for the rate spike. Making sense of the movement required a dive into the esoteric conversation about the year-end bond trading environment. That esoteric conversation is still the only way to make sense of today's movement, but this time around, the move is in our favor. What had been an abrupt, inexplicable spike higher last week has now been largely undone by an abrupt, inexplicable move lower today. Rates were only modestly lower this morning, but as underlying bond markets rallied more aggressively, most lenders issued updated rate sheets this afternoon. Borrowers who had seen top tier rates move up an eighth of a percentage

December 27, 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 Dec 27, 2017 Mortgage Rates Catch a Break After Last Week's Rout Wed, Dec 27, 2017 3:38PM Mortgage rates had a bad week last week, quickly rising to the highest levels in months. To make matters more frustrating, there weren't any clearly-delineated reasons for the rate spike. Making sense of the movement required a dive into the esoteric conversation about the year-end bond trading environment. That esoteric conversation is still the only way to make sense of today's movement, but this time around, the move is in our favor. What had been an abrupt, inexplicable spike higher last week has now been largely undone by an abrupt, inexplicable move lower today. Rates were only modestly ... (read more) Mortgage Rates Seasonally Sideways Tue, Dec 26, 2017 4:37PM Mortgage rates were lifeless today as financial markets drifted sideways. Although rates CAN move during the last week of December when there's an imbalance between buyers and sellers in bond markets, that's the exception to the rule. We tend to see days exactly like today with effectively zero change in lender rates sheets compared to the previous business day (in this case, last Friday). In the bigger picture, it's reassuring to see rates hold sideways after they spiked early last week. That said, the sideways momentum is best viewed as symptom of the season. We'll know a lot more about unde... (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 99.69 +0.02   95.05 99.96 UMBS 30YR 5.5 101.10 +0.01   97.47 101.28 10 YR Treasury 4.029 +0.001   3.932 4.780 MBS Live Day Ahead: Will Pending Home Sales Data Sing Same Tune as Other Housing Data Wed, Dec 27, 2017 9:13AM The National Association of Realtors publishes reports for both Pending and Existing Home Sales.  The conventional wisdom is that Pending Sales tend to foreshadow Existing Sales to some extent.  Precedent suggests that does indeed tend to... (read more) MBS Live Recap: 'Tis The Season Tue, Dec 26, 2017 5:41PM Bond markets got off to a seasonally typical start this week with volumes and volatility both virtually nonexistent.  There are past instances of volatility during the last week of the year, but in general, the default stance is purely neutral (for the traders that are even tuned in). Technically, we did see some modest gains today, but they fit well ... (read more) MBS Price Change UMBS 4.5 97.76 +0.07 UMBS 5.0 99.73 +0.05 UMBS 5.5 101.10 +0.01 GNMA 4.5 97.74 +0.04 GNMA 5.0 99.96 +0.13 GNMA 5.5 100.97 +0.07 Pricing as of: 10/15 6:03PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.013 5 YR Treasury 3.619 +0.015 7 YR Treasury 3.803 +0.005 10 YR Treasury 4.031 +0.002 30 YR Treasury 4.625 -0.005 Pricing as of: 10/15 6:03PM EST Other News Pending Home Sales See Slight November Gains Wed, Dec 27, 2017 10:19AM Pending home sales pulled off a second straight gain in November, but just barely . The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), which is based on contracts for existing home purchases , rose 0.2 per percent to 109.5 compared to the October level of 109.3. The November reading was the highest since June, and was h... (read more) A Sampling of Vendor News, Tools, and Updates Wed, Dec 27, 2017 9:32AM Private education pays well. There were 58 people making over $1,000,000 per year in total compensation as the presidents of private, non-profit colleges in 2015, up from 39 in 2014 and 32 in 2013, according to the Chronicle of Higher Education's calculations. The average comp to run a school was $570k, up 9% from 2014. At the other end of the scale, Preside... 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