Mortgage rates were flat to slightly higher today, depending on the lender. The average lender was quoting the same rates as yesterday, but with slightly higher upfront costs (or a lower credit, depending on your scenario). That said, if you could only choose one word to describe the movement, it would be "flat." The flat trajectory has been intact for 3 straight days, even though today's events had enough street cred to cause a shift in momentum. The morning hours brought an important economic report and an even more important update on the Treasury's borrowing needs. Rates care about Treasury issuance because it's the foundation of the "supply" side of the supply/demand equation for bonds (and bonds dictate rates). Rates care about economic data because a stronger economy can generally support

May 2, 2018 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 May 2, 2018 Mortgage Rates Uninspired by Fed or Economic Data Wed, May 2, 2018 3:58PM Mortgage rates were flat to slightly higher today, depending on the lender. The average lender was quoting the same rates as yesterday, but with slightly higher upfront costs (or a lower credit, depending on your scenario). That said, if you could only choose one word to describe the movement, it would be "flat." The flat trajectory has been intact for 3 straight days, even though today's events had enough street cred to cause a shift in momentum. The morning hours brought an important economic report and an even more important update on the Treasury's borrowing needs. Rates care about Treasur... (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 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Recap: Unswayed by Fed, Bonds Punt For 3rd Straight Day Wed, May 2, 2018 4:27PM We'll give Friday a pass because it was technically still part of the 2-day correction leading back from the 4-year highs in the 10yr Treasury yield seen last Wednesday, even though Thursday definitely did the heavy lifting.  Each of the days this week are less debatable.  They've been duds--no meaningful movement and no major challenges for establ... (read more) MBS Live Commentary: Differences Between Previous and Current FOMC Statements Wed, May 2, 2018 2:02PM Information received since the Federal Open Market Committee met in January March indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate rate. Job gains have been strong strong, on average, in recent months, and the unemployment rate has stayed low. Recent data suggest that growth rates of... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 7:01AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.061 +0.022 30 YR Treasury 4.719 +0.029 Pricing as of: 9/9 7:01AM EST Other News Small Loans Offer Big Impact on Affordability Wed, May 2, 2018 12:27PM Affordable housing isn't just a problem in high cost places like New York City and San Francisco according to a new study by the Urban Institute (UI) and the Federal Reserve Bank of Chicago. The creation of millions of new households every year will create more demand for housing than the nation is providing , and that will mean prices will rise even higher ... (read more) Mortgage Application Levels Drop as Rates Rise Wed, May 2, 2018 9:22AM The volume of both purchase and refinancing applications moved lower last week , The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, recorded a seasonally adjusted decline of 2.5 percent in overall activity during the week ended April 27. Unadjusted, the volume was 2.0 percent lower than the previous week. Refi I... (read more) TPO Product; Builder CEO Comp; State-Level Changes Wed, May 2, 2018 9:15AM Greetings from the American Mortgage Conference in Pinehurst, NC! Fun with numbers: A penny is about 1/16 of an inch, or 192 per foot. A mile is 5,280 feet. If one were to stack pennies 1.1 million miles high you’d end up with… darn, never mind. But it’s a big number, just like $1.17 trillion is a big number. That figure – $1.17 tril... (read more) Latest Video I worry about the ECB, which is behind the curve: Pro Fed: Inflation closer to 2% target Fed leaves rates unchanged Around the Web NAR - Realtor.com I Can't Afford an Apartment': Congressmen Sleeping in Offices Cry Poverty CNBC Fed holds rates steady but points to higher inflation CNBC Sellers are increasingly stripping out luxury homes instead of tricking them out Reuters Dollar climbs to four-month highs, stocks dip before Fed Calculated Risk Blog Annual Vehicle Sales: On Pace to be unchanged in 2018 Brookings Institution Nine rules for better housing policy NAHB Eye on Housing Remodeling in 2017: Baths Reclaim Top Spot from Kitchens CNBC Bond market will suffer some 'indigestion' as Fed prepares to charge, market watcher says CNBC Companies hire 204,000 more workers in April despite signs of tightening job market: ADP Calculated Risk Blog Q1 2018 GDP Details on Residential and Commercial Real Estate NAHB Eye on Housing Private Residential Spending Tumbles in March Bloomberg The Cost of Buying a Home Near the Train Is Shrinking NAR - Realtor.com How Bad Is the Labor Shortage? 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