Mortgage rates haven't really moved for 9 straight business days. Some lenders have seen microscopic improvements during that time, but the average lender is still quoting the same rates and fees seen on August 13th. The underlying bond market is part of the problem. Bonds--which dictate rates--haven't been too interested in responding to conventional inputs. The bonds that underlie mortgages are especially guilty (compared to, say, US Treasuries which are more willing to respond to news and events at the moment). That doesn't mean nothing can happen that would have an effect, simply that the stuff that has happened hasn't been enough to move the needle. When market participants return in full force in mid-September, this seasonal pattern typically changes. It could even happen sooner, but

August 22, 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 Aug 22, 2018 Mortgage Rates Extend Steady Streak Wed, Aug 22, 2018 3:45PM Mortgage rates haven't really moved for 9 straight business days. Some lenders have seen microscopic improvements during that time, but the average lender is still quoting the same rates and fees seen on August 13th. The underlying bond market is part of the problem. Bonds--which dictate rates--haven't been too interested in responding to conventional inputs. The bonds that underlie mortgages are especially guilty (compared to, say, US Treasuries which are more willing to respond to news and events at the moment). That doesn't mean nothing can happen that would have an effect, simply that the ... (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 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Recap: Modest Gains Amid Risk-Off Headline Response; Fed Didn't Hurt Wed, Aug 22, 2018 4:07PM Today's gains are primarily a factor of the bond market's response to yesterday's Cohen headlines (plea deal regarding campaign finance violations).  Bonds aren't too flustered about the headlines, but a few traders sought safe havens due to the increased odds that the president will eventually be implicated by the underlying investigation.  ... (read more) MBS Live Day Ahead: Bonds Near Summer's Best Levels Ahead of Fed Minutes Wed, Aug 22, 2018 9:25AM News regarding Cohen's plea deal came out right as futures markets were closing yesterday.  There were only 15-20 minutes for a reaction, and we wouldn't normally expect to see a full-fledged reaction at that time of day anyway--especiall... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.22 UMBS 6.0 102.37 -0.17 GNMA 5.0 99.74 -0.33 GNMA 5.5 101.04 -0.14 GNMA 6.0 102.01 -0.17 Pricing as of: 9/9 5:49PM EST US Treasury Yield Change 2 YR Treasury 3.557 +0.070 5 YR Treasury 3.615 +0.053 7 YR Treasury 3.814 +0.046 10 YR Treasury 4.083 +0.043 30 YR Treasury 4.730 +0.040 Pricing as of: 9/9 5:49PM EST Other News Fannie and Freddie End Funding of Single-Family Rentals Wed, Aug 22, 2018 11:41AM The Federal Housing Finance Agency (FHFA) has pulled the plug on pilot programs run by both Fannie Mae and Freddie Mac (the GSEs) to finance institutional investment in single-family home rentals. The programs began in February 2017 with a $1 billion loan from Fannie Mae to the Blackstone Group. The loan was originated by Wells Fargo with a Fannie Mae guaran... (read more) Home Price Gains Continue to Dampen Demand Wed, Aug 22, 2018 10:53AM Existing home sales posted their fourth straight loss in July and have dropped to their slowest pace since February 2016. The National Association of Realtors® (NAR) said sales of previously owned single-family houses, townhouses, condos, and cooperative apartments were at a seasonally adjusted annual rate of 5.34 million units last month. This is a 0.7 ... (read more) Subservicer Review; Note on Chenoa; Upcoming Training and Events Wed, Aug 22, 2018 9:08AM Now that we’re more than halfway through the third quarter, how’s it shaping up for lenders? Yes, the industry has reduced its ranks, therefore cutting costs. In terms of production, with $1.6 trillion expected this year, we are seeing fewer refis (but they’re still out there, and account for 39% of apps) and more purchase biz. But the Mort... (read more) Latest Video Fed releases latest FOMC minutes Existing home sales decline for fourth straight month in July Chang: The US has the leverage in trade talks with China Around the Web CNBC Fed officials worry that the trade war poses the biggest threat to 'strong' economy Federal Reserve Minutes of the Federal Open Market Committee, July 31-August 1, 2018 The Atlantic How Does This Bull Market End? Calculated Risk Blog A Few Comments on July Existing Home Sales Reuters U.S. job gains in year through March likely to be revised up by 43,000 Bloomberg Hurricane Lane Prompts Warnings, Watches as It Nears Hawaii CNBC Fed chairman Powell assured senator he's not swayed by Trump's criticism CNBC US Treasury yields slip ahead of Fed minutes release Reuters Few thrills ahead for Trump from a Fed on a mission of its own Calculated Risk Blog Look Ahead to Existing Home Sales for July Calculated Risk Blog Bostic Throws Down the Gauntlet Reuters S&P hits record high, equals longest-ever bull run CNBC Majority of young workers have already tapped their retirement savings

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