Mortgage rates were sideways to slightly higher today, and that's actually a strong showing considering what transpired in underlying bond markets. In fact, I'd wager tomorrow morning's rate sheets will be noticeably weaker if bonds are anywhere near their current levels. This flow of logic raises a valid question: if bonds drive rates and if bonds say rates should be higher, then why aren't they higher already? The answer is fairly simple: mortgage lenders put out one rate sheet per day unless market conditions force them to change. Friday's rate sheets were arguably a bit worse than they should have been, based on bond levels. This allowed this morning's rate sheets to be a bit better than they otherwise might have been. Finally, bonds' deterioration throughout the day has been gradual enough

May 14, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for May 14, 2018 Mortgage Rates Sideways But Market Says They Shouldn't Be Mon, May 14, 2018 4:00PM Mortgage rates were sideways to slightly higher today, and that's actually a strong showing considering what transpired in underlying bond markets. In fact, I'd wager tomorrow morning's rate sheets will be noticeably weaker if bonds are anywhere near their current levels. This flow of logic raises a valid question: if bonds drive rates and if bonds say rates should be higher, then why aren't they higher already? The answer is fairly simple: mortgage lenders put out one rate sheet per day unless market conditions force them to change. Friday's rate sheets were arguably a bit worse than they sho... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Day Ahead: Amid Quiet Week, Bonds Try Again Mon, May 14, 2018 9:19AM This week's economic calendar is generally on the quiet side with Retail Sales being the only upper-echelon report in terms of its potential impact on bonds.  Apart from econ data, there are a fair amount of Fed speakers on tap, but the lineup... (read more) MBS Live Recap: Impressionable Bonds Hit by Central Bank Comments and Issuance Mon, May 14, 2018 4:29PM Low volume and lighter-than-normal liquidity left US bond markets more impressionable than normal today.  Or perhaps it IS normal given that it's a data-free Monday in the middle of May and the day after Mother's Day.  Those details would logically keep a few extra traders out of the office. Fewer traders means each trader accounts for a bigge... (read more) MBS Live Recap: Forgettable Fri, May 11, 2018 6:47PM I'm going to write at you from an analytical standpoint for a moment.  Sorry, I just have to vent.  Today was completely forgettable.  In fact, the past 2 weeks have been pretty boring , with only a few exceptions.  It's not unde... (read more) MBS Price Change UMBS 5.0 99.55 -0.23 UMBS 5.5 101.13 -0.15 UMBS 6.0 102.45 -0.09 GNMA 5.0 99.86 -0.21 GNMA 5.5 101.12 -0.06 GNMA 6.0 102.08 -0.11 Pricing as of: 9/9 12:11PM EST US Treasury Yield Change 2 YR Treasury 3.541 +0.053 5 YR Treasury 3.609 +0.047 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.088 +0.048 30 YR Treasury 4.738 +0.048 Pricing as of: 9/9 12:11PM EST Other News Home Prices Driven up by Inventories, Again Mon, May 14, 2018 11:58AM Not only did the pace of home price increases quicken nationally during the first quarter of 2018, but the National Association of Realtors® (NAR) said those increases are felt in most metropolitan areas . The national median existing single-family home price in the first quarter was $245,500. This is a year-over-year increase of 5.7 percent from the med... (read more) Union Home and Alliance Deal; Reverse Mortgage Changes; Fed Speeches This Week Mon, May 14, 2018 9:10AM “Forward” lenders can’t ignore that 10,000 people a day in the U.S. turn 62. Of course, not every one owns a home, or has appreciation – but many do. And thus, plenty of lenders now have reverse mortgage departments. All FHA HECMs are non-recourse loans. The borrower or the estate will never owe more than the value of the subject prop... 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