Mortgage rates managed to remain unchanged today despite the fact that underlying bond markets were stronger. Stronger bond markets are typically associated with lower rates, but in today's case, markets had some catching up to do. At issue is the timing of yesterday's weakness. Bond markets had lost ground throughout the day (something that can sometimes result in lenders changing rates in the middle of the day). A few lenders indeed pulled the trigger on such "mid-day price changes," but the average lender did not. Simply put, that left the average lender with a little bit of weakness to price into today's rates. The moderate amount of improvement in underlying bond markets was just enough to offset that implied weakness, thus leaving the average lender unchanged. The stakes remain high as

September 12, 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 Sep 12, 2018 Mortgage Rates Unchanged Despite Market Movement Wed, Sep 12, 2018 3:20PM Mortgage rates managed to remain unchanged today despite the fact that underlying bond markets were stronger. Stronger bond markets are typically associated with lower rates, but in today's case, markets had some catching up to do. At issue is the timing of yesterday's weakness. Bond markets had lost ground throughout the day (something that can sometimes result in lenders changing rates in the middle of the day). A few lenders indeed pulled the trigger on such "mid-day price changes," but the average lender did not. Simply put, that left the average lender with a little bit of weakness to pri... (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 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Recap: Bonds Consolidate Despite Weak Data and Strong Auction Wed, Sep 12, 2018 4:06PM Today brought two events that should theoretically have helped bonds: a much weaker producer level inflation reading (2.4 vs 2.7 forecast for core PPI) this morning, and a fairly strong 10yr Treasury auction in the afternoon.  But neither had much of an impact by the end of the day.  To be fair, bonds did manage to gain a small amount of g... (read more) MBS Live Recap: Bond Market Preparing For The Worst Tue, Sep 11, 2018 4:43PM With no intent of drawing any parallels to Hurricane Florence, bond markets are battening down their hatches in advance of a perfect storm of data and events.  These include economic reports in the coming days (PPI, CPI, Retail Sales), a healthy dose of supply (Treasury auctions and corporate debt issuance), and the European Central Bank announcement.&n... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 7:10PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 7:10PM EST Other News Most Credit Scores Rose After Reporting Changes; Some Fell Wed, Sep 12, 2018 2:56PM In the last half of 2017 the three credit bureaus, Equifax, TransUnion, and Experian, agreed to change the way they handle collection accounts. These accounts represent a wide variety of debt - unpaid gym memberships, unpaid traffic tickets, delinquent rent, even unreturned library books. However unpaid medical bills account for about 52 percent of those deb... (read more) Mortgage Apps: Purchases Up, Refis Retreat During Holiday Hampered Week Wed, Sep 12, 2018 8:10AM Mortgage applications for home purchases managed to move higher for the second straight time last week in spite of the usual lag in activity that accompanies a holiday shortened work week. The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, declined 1.8 percent on a seasonally adjusted basis during the week ende... (read more) Non-QM and Marketing Products; eSummons Training; Disaster Plans and Reactions Wed, Sep 12, 2018 8:53AM We’re always reminded that nature bats last. Every lender that I know of bases their disaster policies directly from FEMA’s declarations or from other companies that base their policies from FEMA. Lenders are reacting – see below. (My cat Myrtle is very concerned that the current forecast has Hurricane Florence targeting landfall at Myrtle ... 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