Mortgage rates fell again today after the jobs report showed slower payroll growth in July and persistently flat wage growth. On average, this is the most important piece of economic data for interest rates over the years as it speaks both to economic strength and implied inflation (because higher wages are thought to beget higher inflation). Growth and inflation are two of the most basic building blocks for interest rates. The higher they are, the higher rates would go, unless there was some special circumstance such as the Fed's bond buying regime during the initial recovery from the Great Recession. The bottom line is that today's jobs data didn't do anything to suggest growth or inflation was any higher than anyone thought heading into today. As such, bonds were able to improve a bit and

August 3, 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 Aug 3, 2018 Mortgage Rates See Glimmer of Hope After Jobs Data Fri, Aug 3, 2018 2:12PM Mortgage rates fell again today after the jobs report showed slower payroll growth in July and persistently flat wage growth. On average, this is the most important piece of economic data for interest rates over the years as it speaks both to economic strength and implied inflation (because higher wages are thought to beget higher inflation). Growth and inflation are two of the most basic building blocks for interest rates. The higher they are, the higher rates would go, unless there was some special circumstance such as the Fed's bond buying regime during the initial recovery from the Great R... (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 Day Ahead: Bonds Have a Chance Fri, Aug 3, 2018 8:35AM Today brings the sometimes super important nonfarm payrolls data.  On average, no other piece of economic data has had as much of an impact on bonds over the years, but it's been hit and miss in recent years.  That has a lot do with the fac... (read more) MBS Live Recap: Bonds Hold Ground Despite Stronger Stocks Thu, Aug 2, 2018 4:32PM Right at 9:30am this morning, both stocks and bond yields began moving higher .  A modest overnight rally in Treasuries quickly came under fire and for a moment, we were effectively 'unchanged' on the day.  But bonds found their footing from there on out, even as stocks continued to move higher at their quickest pace of the week. None of today's... (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 2:45AM 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 2:45AM EST Other News CoreLogic: Low-End Rent Growth is Slowing Fri, Aug 3, 2018 11:44AM CoreLogic is noting a subtle change in rent growth for single-family houses. Its Single-Family Rental Index (SFRI) has logged a steady increase in those rents since 2010, peaking in February 2016 at a 4.2 percent annual gain. Since then rents have stabilized, with average year-over-year increases of 2.7 percent. The last data released was for April and showe... (read more) Urban Institute: Rethinking Loan Denial Calculations Fri, Aug 3, 2018 8:45AM A recent research paper from the Urban Institute (UI) looks at the benefits provided by real denial rates (RDR) over the traditional measure of credit availability, the observed mortgage denial rate (ODR). The authors, Laurie Goodman and Bing Bai from UI and Wei Li of the Federal Deposit Insurance Corporation (FDIC) maintain that the ODR can be misleading. H... (read more) Jumbo and Alt Product Trends; AOT Product; Yield Curve Update Fri, Aug 3, 2018 8:59AM I don’t think Brookstone, which declared bankruptcy yesterday, ever sold them, but is the “Tiny House” movement getting big? If you’re near Colorado Springs this weekend, there’s a festival celebrating them. One step away from CO, at Four Corners, in Arizona, a school district near Tucson is building a tiny-home community for fa... (read more) Latest Video Still puzzled over average hourly earnings growth, says former CEA chair Santelli Exchange: Lazear on the jobs report July jobs number lower than expected but June gains revised upward Around the Web NAR - Realtor.com U.S. Buyers Finding More Choice in High-Priced Areas CNBC BlackRock's Rieder: Fed may have to slow hikes, stop balance sheet moves Reuters Atlanta Fed pares U.S. third quarter GDP growth view to 4.4 percent Reuters Traders see two more U.S. rate hikes in 2018 after jobs data Reuters U.S. TIPS breakeven rate pares gains after July payrolls data Reuters U.S. June trade deficit posts biggest rise in 1-1/2 years CNBC ISM non-manufacturing index hits 55.7 in July vs. 58.6 estimate Reuters Trade worries keep lid on stocks, Italian bonds sell off on government tensions Calculated Risk Blog July Employment Report: 157,000 Jobs Added, 3.9% Unemployment Rate CNBC China says it will retaliate with tariffs on $60 billion in US goods Reuters Japanese foreign debt investors few ticks away from being lured back home CNBC Seattle housing market is under pressure as Chinese buying 'dries up' Calculated Risk Blog Goldman: July Payrolls Preview

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