Mortgage rates didn't move yesterday, despite a moderate amount of improvement in underlying bond markets. When bonds improve, rates tend to move lower, but there can be a lag for a few reasons. As we often discuss, bonds need to move by a certain amount during the day in order for lenders to go to trouble of changing their rate sheet offerings. If there hasn't been enough market movement, the typical practice is to simply wait to adjust rate sheets on the following morning. All too often, when lenders wait to make such adjustments, the bond market will bounce back toward weaker levels, thus leaving mortgage rates unchanged, even when markets suggest otherwise. Other times, bond markets will continue moving in a friendly direction in the following day. That's what happened today, and it allowed

January 29, 2019 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 Jan 29, 2019 Mortgage Rates Hit 2 Week Lows Ahead of The Fed Tue, Jan 29, 2019 4:01PM Mortgage rates didn't move yesterday, despite a moderate amount of improvement in underlying bond markets. When bonds improve, rates tend to move lower, but there can be a lag for a few reasons. As we often discuss, bonds need to move by a certain amount during the day in order for lenders to go to trouble of changing their rate sheet offerings. If there hasn't been enough market movement, the typical practice is to simply wait to adjust rate sheets on the following morning. All too often, when lenders wait to make such adjustments, the bond market will bounce back toward weaker levels, thus l... (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: Traders Are Definitely Settling-In And Waiting For Data to Put on Show Tue, Jan 29, 2019 9:19AM In their best Caddyshack voice, traders are collectively saying "well?  We're waiting" to both stocks and bonds at the moment as each side of the market has clammed up after the first and only directional move of 2019.  January 18th (head f... (read more) MBS Live Recap: Bonds Expecting Quite a Lot From The Fed Tue, Jan 29, 2019 4:24PM There were a smattering of headlines and events available for bond markets to digest today.  If rates ended up moving higher, we could likely find a way to present those tidbits in such a way as to reconcile the bond market weakness.  As it happened, rates moved lower . The bond market strength is fairly logical given the weak economic data, B... (read more) MBS Price Change UMBS 5.0 99.52 -0.25 UMBS 5.5 101.15 -0.13 UMBS 6.0 102.46 -0.08 GNMA 5.0 99.87 -0.20 GNMA 5.5 101.11 -0.08 GNMA 6.0 102.09 -0.10 Pricing as of: 9/9 12:03PM EST US Treasury Yield Change 2 YR Treasury 3.537 +0.049 5 YR Treasury 3.605 +0.043 7 YR Treasury 3.809 +0.040 10 YR Treasury 4.081 +0.042 30 YR Treasury 4.732 +0.041 Pricing as of: 9/9 12:03PM EST Other News Despite Inventory and Affordability Woes, Home Prices Continue to Rise Tue, Jan 29, 2019 10:38AM The pace of home price increases slowed a little more in November. The non-seasonally adjusted (NSA) S&P CoreLogic Case-Shiller U.S. National Home Price Index which covers all nine U.S. census divisions, reported a 5.2 percent annual gain in November, down from 5.3 percent annual appreciation in October. On a month-over-month basis the NSA National Index... (read more) Fear of Past Mistakes Holding Back FHA Modification Program Tue, Jan 29, 2019 12:14PM The days when published a monthly tally of the number of loan modifications made by servicers under several public and private sector programs are long gone, but modifications are still needed and memories of the missteps and chaos that accompanied the process linger. The recent assessment by the Consumer Financial Protection Bureau (CFPB) of their post-cris... (read more) Sales Jobs; Cap Mkts; Bank Competitive Pressures; Good Flood Insurance News? Tue, Jan 29, 2019 9:16AM Think you have trouble finding good talent in the mortgage biz? The L.A. Times writes that President Trump signed an order to hire 15,000 new border agents two years ago and Customs and Border Protection paid $60.7 million to the consulting firm Accenture Federal Services to “recruit, vet, and hire” 7,500 such officers over five years. Accenture ... (read more) Latest Video Chinese real estate investors exit US market due to slowdown, trade war Brexit battle continues Fed Survey: Fed rate policy, tariffs lead in driving market volatility Around the Web Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in November Bloomberg Fed Seen Pausing Rate Hikes But Still Moving Twice This Year Reuters British lawmakers vote down bid to prevent no-deal Brexit CNBC Bond King Jeffrey Gundlach says we just got 'the most recessionary signal' yet Reuters UK parliament rejects Labour's Brexit amendment Reuters Fed's Powell works Congress as Trump stews over rate hikes CNBC Recession Odds Spike to Highest in 3 Years Redfin San Jose Home Prices Down 8% From Last Year, Falling for First Time Since 2012 Calculated Risk Blog Update: A few comments on the Seasonal Pattern for House Prices CNBC Consumer confidence hits 120.2 in January, vs estimate of 124.9 Calculated Risk Blog Case-Shiller: National House Price Index increased 5.2% year-over-year in November NAHB Eye on Housing Mortgage Market Moves CNBC These are the three things markets are expecting to hear from the Fed and Jerome Powell

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