In the week just passed, the bond market underwent a nice correction after the previous week pushed yields higher at the fastest pace in years.  To put that move in context, August was the best month for the bond market in years and the big week of selling that ended on 9/13 was largely a correction to August's strength.  Last week, then, was a "correction to that correction," and a sign that bond buyers are still alive, as long as they see enticing levels. In the week ahead, traders will continue to reflect on last week's message from the Fed: economic data is the biggest game in town over the next 6 weeks.  Powell did his best to leave us with the sense that things could go either way, both for the economy and the Fed policy response.  He also continued placing emphasis on overseas weakness as a source of inspiration for US economic weakness (and thus, bond market strength). There are several US economic reports on tap, but they don't really get interesting until Friday's Durable Goods and Core PCE inflation data.  Before the domestic week began, however, troublingly weak European PMI data prompted a strong start in bonds.  This was easily enough to keep the "correction to the correction" trend alive.  Whereas we were watching and hoping to break below 1.74/1.75% last week, this week's analogous line in the sand is 1.67%.  Early gains have brought us right to that doorstep.

September 23, 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 Sep 23, 2019 Mortgage Rates End Week Near Best Levels Fri, Sep 20, 2019 5:59PM What a difference a week makes! At the end of last week, things were pretty grim, with mortgage rates having just seen their worst single week since 2013. The uplifting caveat at the time was that such bouts of nastiness are not that uncommon in the wake of ultra strong performances (such as the entire month of August--the best single month since 2002 if you can believe it!). In other words, last week was a correction to August's impressive strength. With that in mind, this week turned out to be a correction to last week's correction! There was no way to be sure, but we were hoping it was over... (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 Week Ahead: Fed Gives Green Light to Follow Data Mon, Sep 23, 2019 10:11AM In the week just passed, the bond market underwent a nice correction after the previous week pushed yields higher at the fastest pace in years.  To put that move in context, August was the best month for the bond market in years and the big week of selling that ended on 9/13 was largely a correction to August's strength.  Last week, then, was a "co... (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 99.73 -0.34 GNMA 5.5 101.04 -0.14 GNMA 6.0 102.01 -0.17 Pricing as of: 9/9 5:50PM EST US Treasury Yield Change 2 YR Treasury 3.558 +0.071 5 YR Treasury 3.615 +0.054 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.087 +0.047 30 YR Treasury 4.731 +0.041 Pricing as of: 9/9 5:50PM EST Other News NAR Sees No Sign of Homebuying Optimism Fading Mon, Sep 23, 2019 11:46AM The good news from a new National Association of Realtors® (NAR) survey is that a large majority of respondents think it is a good time to buy a home. The bad news is that the largest percentage of those who gave that response are likely to already own one. NAR's third quarter Housing Opportunities and Market Experience (HOME) survey found 63 percent of ... (read more) Homeowner Equity Reaches All-Time High in Q2 Fri, Sep 20, 2019 11:22AM Total home equity, not surprisingly, increased again in the second quarter of the year. CoreLogic's quarterly Homeowner Equity Insights report, which looks only at properties with one or more mortgages, puts the aggregate increase at $428 billion year-over-year, a 4.8 percent gain. The company says that 63 percent of residential properties have a mortgage. "... (read more) Rates Move Lower for Eighth Consecutive Month, Driving Refis Fri, Sep 20, 2019 8:24AM Thirty-year mortgage loans closed in August carried an average interest rate of 4.07 percent according to Ellie Mae's Origination Insight Report. Rates were down for the eighth consecutive month , easing back from an average of 4.18 percent in July. Ellie Mae said the month-over-month decline in rates continues to drive up the share of originations that are ... (read more) Sales, Vendor, Non-QM Products; Agency Updates: Fannie Pricing Change? Mon, Sep 23, 2019 9:04AM Call it a comfortable barge or a luxury water house, thanks to Rudy D. for sending along this story about a $5.5 million floating home in Florida . Good luck for appraisers trying to find comps. Speaking of trying to find something, how about Google being able to track your every step? Great for finding missing people, not great for people saying they live i... 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