Mortgage rates were roughly unchanged today. That's an appalling reality considering the movement in underlying bond markets. Bonds--specifically, mortgage-backed securities (MBS)--are the primary input used by mortgage lenders in determining rates. As bonds improve, mortgage rates tend to improve as well. There can certainly be some input lag (i.e. bonds can move first and lenders need time to catch up or let volatility play out), but it's rare to see substantial improvement in bonds and limited improvement in mortgage rates. Yet that's just what we're seeing today. What gives?! The first part of the issue is the relationship between MBS and broader bond markets. It's common to see mortgages discussed in the context of 10yr Treasury yields because MBS and 10yr Treasuries behave similarly over

October 24, 2018 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Appallingly Unchanged Relative to Market Movement Mortgage rates were roughly unchanged today. That's an appalling reality considering the movement in underlying bond markets. Bonds--specifically, mortgage-backed securities (MBS)--are the primary input used by mortgage lenders in determining rates. ... (read more) Housing News New Home Sales Drop Sharply; Near 2 Year Lows New home sales managed to pull out a gain last time they were reported. The question was, with an improving inventory but rising interest rates, could they do it again? Analysts were pessimistic, but not quite pessimistic enough. Sales of newly const... (read more) Housing News Hurricane Florence, Seasonal Trends Conspire to Boost Mortgage Delinquencies Mortgage delinquencies surged by 13.2 percent in September, the largest single-month increase since November 2008. But despite the ominous connotations of that comparison, Black Knight attributed the September rise to the calendar and Mother Nature r... (read more) Rob Chrisman Non-QM, Tech, Sales Products; M&A Continues; U.S. Bank Correspondent Reorganization Lenders, investors, and servicers don’t like bankruptcy, and for good reason. Thank you to Brian B. up in New Jersey who sent along this note about how courts are beginning to try to stem the tide of serial debtors who file multiple petitions f... (read more) Housing News FHFA Says Annual Price Gains Still Over 6 Percent Like most measures of monthly home price appreciation, the Federal Housing Finance Agency's House Price Index (HPI) has slowed in recent months but not quite as much as others. That index, which is based on the sales prices of homes financed with mor... (read more) MBS Commentary MBS Live Recap: Bonds More Willing to Listen to Stocks' Sob Story Yesterday was ' neat ' for a while--at least in the morning hours when massive stock losses helped bonds achieve their best levels in weeks.  Then stocks bounced in the afternoon and most of the bond market gains were erased. Today was a carb... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.81% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.81% +0.03 0.00 15 Yr. Fixed 6.05% +0.01 0.00 30 Yr. FHA 6.38% +0.02 0.00 30 Yr. Jumbo 6.91% +0.01 0.00 7/6 SOFR ARM 6.27% +0.02 0.00 30 Yr. VA 6.40% +0.02 0.00 Updates Daily - Last Update: 7/24 15 Yr. Fixed Rate 6.05% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.74% -0.01 0.00 15 Yr. Fixed 5.87% -0.05 0.00 Updates Weekly - Last Update: 7/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% +0.02 0.62 15 Yr. Fixed 6.14% +0.03 0.69 30 Yr. Jumbo 6.75% -0.06 0.70 Updates Weekly - Last Update: 7/23 MBS / Treasuries UMBS 30YR 5.5 99.31 -0.05 Price / Yield Change MBS UMBS 5.5 99.31 -0.05 UMBS 6.0 101.25 -0.06 GNMA 5.5 99.58 -0.05 GNMA 6.0 101.22 -0.04 Pricing as of: 7/24 7:12PM EST 10 Year US Treasury 4.3982 +0.0145 Price / Yield Change US Treasury 2 YR Treasury 3.923 +0.045 5 YR Treasury 3.960 +0.030 7 YR Treasury 4.164 +0.020 10 YR Treasury 4.398 +0.015 30 YR Treasury 4.939 -0.001 Pricing as of: 7/24 7:12PM EST Latest Video Fed talks tariffs and labor market in Beige Book New home sales weigh on housing data Fed's Mester says she will not adjust policy stance due to recent drop in m... Around the Web Reuters Stocks fall on global worries while Treasuries rise Calculated Risk Blog Fed's Beige Book: Economic Growth "modest to moderate", Some Housing Weakness Reuters Wall Street drops as chipmakers fan corporate growth fears Calculated Risk Blog A few Comments on September New Home Sales Calculated Risk Blog AIA: "Architecture firm billings slow but remain positive in September" CNBC 3 in 5 Americans say their finances haven't improved since the 2016 election CNBC Fed's Kaplan: 'We no longer need to be stimulating the US economy' Redfin 2018 Migration Trends accelerate as more people look to leave Denver, San Francisco, and Los Angeles Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Increased in September Bloomberg Realtors Spend Record $26 Million on Lobbying CNBC Trump directly attacks Fed Chairman Powell, saying 'Obama had zero' interest rates: report consumerfinancemonitor.com CFPB Releases HMDA 2019 Filing Instructions Guide Reuters Wall St. falls on earnings worries but pares losses

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