Mortgage rates have been exceptionally sideways for nearly 2 weeks now--this after hitting the highest levels in more than 4 years on April 25th. As always, the run up to long-term highs happened in concert with weakness in the broader bond market. Rates are based primarily on the prices of mortgage-backed securities (MBS). In turn, MBS movement is heavily dependent on movement in the broader bond market (where bonds like US Treasuries are top dog, domestically). All that to say: we're not really witnessing a mortgage rate phenomenon, but rather a bond market phenomenon. Both Treasuries and MBS are trying to decide if they will try to stage a more meaningful recovery or if they will push up to even higher levels than those seen in late April. Some of this week's data and events could play a

May 7, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.02%   6.11% 7.26% 15 Yr. Fixed 5.72% +0.02%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for May 7, 2018 Mortgage Rates Still Waiting to Make a Move Mon, May 7, 2018 4:14PM Mortgage rates have been exceptionally sideways for nearly 2 weeks now--this after hitting the highest levels in more than 4 years on April 25th. As always, the run up to long-term highs happened in concert with weakness in the broader bond market. Rates are based primarily on the prices of mortgage-backed securities (MBS). In turn, MBS movement is heavily dependent on movement in the broader bond market (where bonds like US Treasuries are top dog, domestically). All that to say: we're not really witnessing a mortgage rate phenomenon, but rather a bond market phenomenon. Both Treasuries and MB... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.02 0.00 15 Yr. Fixed 5.72% +0.02 0.00 30 Yr. FHA 6.00% +0.03 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.65% +0.02 0.00 30 Yr. VA 6.01% +0.02 0.00 Updates Daily - Last Update: 9/12 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 5.5 101.13 +0.02   97.47 101.61 UMBS 30YR 6.0 102.40 0.00   99.66 102.50 10 YR Treasury 4.066 +0.040   3.621 4.780 MBS Live Week Ahead: Auctions and CPI Data Vote on Bonds Next Move Mon, May 7, 2018 9:33AM Longer-term rates have been in a bit of a holding pattern after deciding not to smash through the highest levels in more than 4 years at the end of April.  Since then, the trend has been anything but conclusive with yields drifting mostly side... (read more) MBS Live Recap: Back and Forth After Jobs Report; Still Sideways Fri, May 4, 2018 7:02PM After the week's biggest dose of intraday volatility this morning, rates ended up almost perfectly unchanged.  Charts suggest an uncommonly high amount of indecision with 3 out of the 5 trading days seeing overall ranges that were at least 4 times wider than the gap between opening and closing levels. Indecision was evident today as the jobs data ... (read more) MBS Live Recap: Another Unofficial 3-Day Weekend (Still in Progress) Mon, May 7, 2018 4:36PM This happens from time to time on Mondays.  Either due to a holiday overseas or some other distraction, a data-free Monday ends up being a complete dud in terms of volume and volatility in the US trading session.  Such was the case today, with the most obvious culprit being the market closure (scheduled) in London--a critical hub for overnight tr... (read more) MBS Price Change UMBS 5.0 99.63 +0.06 UMBS 5.5 101.13 +0.02 UMBS 6.0 102.40 0.00 GNMA 5.0 100.00 -0.08 GNMA 5.5 101.13 -0.08 GNMA 6.0 102.01 -0.04 Pricing as of: 9/13 5:13AM EST US Treasury Yield Change 2 YR Treasury 3.553 +0.009 5 YR Treasury 3.630 +0.027 7 YR Treasury 3.816 +0.038 10 YR Treasury 4.066 +0.040 30 YR Treasury 4.681 +0.023 Pricing as of: 9/13 5:13AM EST Other News Monitor: Eye-Catching Decline in Defaults, Deceleration in Home Prices Sighted Mon, May 7, 2018 11:59AM The month of March nearly always sees a significant decline in the national delinquency rate. The average March decrease during this century has been just under 11.0 percent. Black Knight has speculated in the past that this is likely because the receipt of tax refunds allows delinquent borrowers to catch up on their mortgage payments. However, this March th... (read more) LIBOR Update; Economy Readings Solid Mon, May 7, 2018 9:13AM Nearly every residential lender is selectively scaling back, or rumored to be scaling back, for a multitude of reasons. Suddenly a company cutting a LO who is barely doing one loan a month, or shuttering a continuously unprofitable branch, is turned by the rumor mill into an entire region being closed, or a company shutting down. Interesting times. Remember ... 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