Mortgage rates were flat yesterday , but I warned that volatility could increase today. That turned out to be an understatement. Mortgage rates shot higher nearly as quickly as they'd moved lower last week. In fact, the average lender is offering rates that are back in line with the recent highs seen last Monday. As far as rate movement goes, today's jump in rates is a bigger deal than last week's improvement because it takes us back to the highest levels since early August. That's when the year's most abrupt drop began. Shortly thereafter, I added the first bullet point in the list of lock/float considerations below. Simply put, the rate rally was getting so big and had stuck around for long enough that we were increasingly forced to worry about it fizzling out. Bottom line: rates like today

November 6, 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 Nov 6, 2019 Mortgage Rates Shoot Significantly Higher Tue, Nov 5, 2019 6:07PM Mortgage rates were flat yesterday , but I warned that volatility could increase today. That turned out to be an understatement. Mortgage rates shot higher nearly as quickly as they'd moved lower last week. In fact, the average lender is offering rates that are back in line with the recent highs seen last Monday. As far as rate movement goes, today's jump in rates is a bigger deal than last week's improvement because it takes us back to the highest levels since early August. That's when the year's most abrupt drop began. Shortly thereafter, I added the first bullet point in the list of lock/fl... (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 5.5 101.26 -0.02   97.47 101.61 UMBS 30YR 6.0 102.50 -0.04   99.66 102.50 10 YR Treasury 4.047 +0.008   3.621 4.780 MBS Live Day Ahead: Yesterday's Weakness Expands the Range Wed, Nov 6, 2019 9:46AM Yesterday was a big, bad day for the bond market with the hotly-anticipated ISM Non-Manufacturing data coming in much stronger than expected.  Bonds confirmed their focus on the econ data with heavy volume and heavy selling.  Yields ultimately hit the highest levels since the mid-September spike--something that felt "too fast, too soon" at the time... (read more) MBS Price Change UMBS 5.0 99.74 -0.04 UMBS 5.5 101.26 -0.02 UMBS 6.0 102.50 -0.04 GNMA 5.0 100.05 -0.03 GNMA 5.5 101.21 +0.02 GNMA 6.0 102.15 -0.04 Pricing as of: 9/9 2:01AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.009 5 YR Treasury 3.570 +0.008 7 YR Treasury 3.775 +0.006 10 YR Treasury 4.048 +0.009 30 YR Treasury 4.695 +0.004 Pricing as of: 9/9 2:01AM EST Other News Fewer Homeowners Carry Housing Cost Burdens than Pre-Recession Wed, Nov 6, 2019 11:08AM It may come as a surprise to some, but the Census Bureau says the housing cost burden for homeowners has been getting lighter. The Bureau's American Community Survey (ACS) found fewer households are carry excessive costs than before the recession, however the rate of renters with high housing cost has remained about the same. A cost-burdened household is one... (read more) Mortgage Apps Hit Their Seasonal Slump, YOY Numbers Tell a Different Story Wed, Nov 6, 2019 8:25AM Mortgage activity was little changed during the week ended November 1 as interest rates continued to bounce around. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 0.1 percent on a seasonally adjusted basis from one week earlier and was down 1.0 percent on an unadjusted basis. R... (read more) Freddie's Forecast; Short and Sort of Sweet Fri, Nov 1, 2019 8:25AM Freddie Mac's end-of-the-month forecast for October was exceptionally brief, perhaps in recognition that it has all been said before. The economy is strong but slowing, the labor market is tight and so is the housing inventory. Instead, Freddie's Economic and Housing Research Team concentrates their commentary on areas they might see as a little less static.... (read more) Warehouse, Tech Integration Tools; Ginnie Booming, Trade Status Primer Wed, Nov 6, 2019 8:58AM Besides sudden news, like PennyMac filing an antitrust lawsuit against Black Knight for anticompetitive behavior (“…market-dominating LoanSphere® MSP mortgage loan servicing system to engage in unfair business tactics that both entrap its licensees and create barriers to entry that stifle competition…”), or a reminder that the b... (read more) Latest Video Third-quarter productivity decreased 0.3%, missing expectations to increase... Third quarter likely a bottom for earnings: BNY Mellon's Liz Young Sonders of Charles Schwab: Trade is both upside and downside risk October ISM non-manufacturing beats expectations, 54.7 vs 53.5 Around the Web Calculated Risk Blog First Look: 2020 Housing Forecasts NAR - Realtor.com Fewer Homeowners Are Burdened by Housing Costsbut There's a Big Catch CNBC Here are your new income tax brackets for 2020 Bloomberg Treasuries' Top Trade at Risk as Long-Dated Yields Take Flight - Bloomberg Reuters Exclusive: U.S.-China trade deal signing could be delayed until December: U.S. source Reuters Fed's Evans: U.S. economy in 'good place,' but watching inflation Reuters Explainer: Central bank digital currencies - edging toward reality? Calculated Risk Blog Las Vegas Real Estate in October: Sales up 7% YoY, Inventory up 6% YoY builderonline.com Dallas Homebuyers Moving in From L.A. ir.pennymacfinancial.com PennyMac Financial Services Files Antitrust Lawsuit Against Black Knight for Anticompetitive Behavior Bloomberg Robert Kaplan Says Steeper Yield Curve a Sign Fed Rates Now Appropriate - Bloomberg CNBC Interest rates suddenly entered a new phase and they are moving higher thanks to possible trade deal NAHB Eye on Housing Construction Job Openings Continue Year-over-Year Gains

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