Mortgage rates and the broader bond market are both in the midst of a correction after hitting the best levels in more than 3 years last week. This is a correction that many market watchers were worried about on several occasions in August. But every time it looked like rates had bottomed, it only took a few days of indecision before they were again pressing into new long-term lows. This most recent break from long-term lows has been far more threatening with 2 of the past 4 business days bringing the biggest single-day jumps in several months. As a result, the average lender is now back to offering rates last seen in early August. Notably, a conventional 30yr fixed rate of 3.75% is right in the neighborhood of what many borrowers would be quoted today. That said, for many lenders 3.75% makes

September 11, 2019 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 11, 2019 Mortgage Rates Highest in More Than a Month Tue, Sep 10, 2019 5:38PM Mortgage rates and the broader bond market are both in the midst of a correction after hitting the best levels in more than 3 years last week. This is a correction that many market watchers were worried about on several occasions in August. But every time it looked like rates had bottomed, it only took a few days of indecision before they were again pressing into new long-term lows. This most recent break from long-term lows has been far more threatening with 2 of the past 4 business days bringing the biggest single-day jumps in several months. As a result, the average lender is now back to of... (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 Day Ahead: Be Very Skeptical of Rate Forecasts and Technical Evidence Wed, Sep 11, 2019 9:50AM In the day just passed, bonds kicked into higher gear with respect to the correction that began to materialize last Thursday.  If you feel like you missed the signs, go back and read the second half of this post: Beware The Bounce.  Several of the commentary articles after that spoke about additional confirmation of the shift in increasingly stern ... (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 6:52PM 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 6:52PM EST Other News Lenders See Demand and Profits Expanding, While Credit Tightens Wed, Sep 11, 2019 10:35AM Mortgage lenders reflected a lot of optimism about their business prospects in the third quarter Mortgage Lender Sentiment Survey conducted by Fannie Mae. This is in sync with a report late last month from the Mortgage Bankers Association which reported greatly increased profitability on the part of mortgage banks in the second quarter. Now lenders have told... (read more) Mortgage Apps Found Gains in a Holiday-Shortened Week Wed, Sep 11, 2019 8:15AM Although the week ended September 7 was shortened by the Labor Day holiday, mortgage application volume managed an increase. It was the first week-over-week gain since Early August. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, rose 2.0 percent on a seasonally adjusted basis from one week earlier although i... (read more) Some States Showing Signs of Stress, Delinquencies on the Rise Tue, Sep 10, 2019 11:36AM While it doesn't appear to be of "canary in the coalmine" magnitude, CoreLogic notes that there were annual increases in the delinquency rates of eight states in June. Those eight bucked a national trend that has brought the overall delinquency rate down to 4.0 percent, the lowest since at least 1999. That rate, which represents all mortgaged properties with... (read more) Non-QM, Branding, Correspondent Products; Origination Channels 101 Wed, Sep 11, 2019 8:51AM Is our housing system a dumpster fire ?” (I don’t think so; we have hundreds of thousands helping millions every year although F&F would be better off if all their profits didn’t go straight to the government.) And now the CFPB is allowing housing counseling agencies that offer advice and assistance to struggling home buyers to receive ... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Calculated Risk Blog Merrill on Retail "Consumer demand pulled back in August" NAR - Realtor.com Housing Finance Reform Battle Lines Drawn in Senate Hearing NAHB Eye on Housing Building Materials Price Growth Slows in August Calculated Risk Blog Houston Real Estate in August: Sales up 4% YoY, Inventory Up 8% Bloomberg Bond Wizards Find Exotic Ways to Profit From Negative Yields - Bloomberg Calculated Risk Blog Employment: August Diffusion Indexes Reuters Explainer: How does negative rate policy work? CNBC Deutsche Bank sees four rate cuts by January, says the US risks 'zero rates' if trade war escalates CNBC US producer prices unexpectedly rise in August Reuters Trump urges zero or negative interest rates to tackle U.S. debt Bloomberg Tumbling Treasuries Drive Yields to Highest Levels in a Month CNBC The economic numbers are continuing to defy the recession hype CNBC Jamie Dimon says JP Morgan is preparing for the risk of zero rates in the US

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