Now here's a rare thing! Mortgage rates managed to move lower, on average, for the 2nd consecutive business day on Monday.  That hasn't happened for roughly 3 weeks, and you'd need to go back another 3 weeks to see the previous example.  So that's the first caveat: these winning streaks have been few and far between.  The second caveat is that winning streaks have been punctuated by much larger losing streaks.  The one that ended last Thursday brought rates easily to their highest levels in more than 20 years. If you've enjoyed those last two counterpoints, let's make it three.  Each of the past 2 "wins" has been fairly small--almost insignificant in the big picture.  The average lender is still over 7.25% for top tier conventional 30yr fixed scenarios.  Additionally, the improvements have been seen largely in the form of lower upfront costs (i.e. the "note rate" on most loan quotes is the same as it was at the recent highs.  It just may cost slightly less to get it). Rates depend on bonds and bonds are in a bad mood due to inflation and Fed policy.  We continue waiting for economic data to make a case for a shift in inflation and, consequently, upward rate momentum.  While some of this week's data could cause some volatility, we'll be waiting until next week to hear from the Fed (they're on communications lockdown until next Wednesday) and until next Friday to get a look at the big jobs report.  In addition to lower inflation, any drift toward higher levels of unemployment would also promote a softer stance from the Fed.

October 24, 2022 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 24, 2022 A Rare Winning Streak For Rates, But Don't Get Excited Mon, Oct 24, 2022 5:15PM Now here's a rare thing! Mortgage rates managed to move lower, on average, for the 2nd consecutive business day on Monday.  That hasn't happened for roughly 3 weeks, and you'd need to go back another 3 weeks to see the previous example.  So that's the first caveat: these winning streaks have been few and far between.  The second caveat is that winning streaks have been punctuated by much larger losing streaks.  The one that ended last Thursday brought rates easily to their highest levels in more than 20 years. If you've enjoyed those last two counterpoints, let's make it... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 US Bonds Try (And Fail) To Follow The EU Rally Mon, Oct 24, 2022 4:50PM US Bonds Try (And Fail) To Follow The EU Rally The average day over the past few weeks/months has seen a high level of intraday volatility, ultimately resulting in weaker trading levels for bonds.  In that sense, today was very average. Domestic traders were lined up to sell after watching yields dragged lower o... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 8:52AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 8:52AM EST Other News Real Estate Company Wanted; Fulfillment, Digital, Verification, Cybersecurity Products; Ginnie News Mon, Oct 24, 2022 9:52AM There’s a lot of good-natured competition here in Nashville. Around the world, there’s a competition for everything. Eat the most hot dogs, win the World Series… the best mullet was decided a few days ago. How ‘bout economic predictions? The team at the MBA sees volume dropping 9 percent to about $2 trillion in 2023. Are you ready for “more lower volumes”? A... (read more) Latest Video We're reaching an inflection point where we'll have kindler, gentler moneta... Bond yields around the world coming down on growth concerns, says Mohamed E... The 9am Bond Report - October 24, 2022 The 2pm Bond Report - October 24, 2022 Around the Web fhfa FHFA Dropping Some FTHB Fees, But Raising Cash-Out Fees Eye on Housing Prospect of Higher Rates Leads Some to Consider Buying a Home Calculated Risk Blog October Vehicle Sales Forecast: "Signs of Life" Calculated Risk Blog Final Look at Local Housing Markets in September Calculated Risk Blog Housing October 24th Weekly Update: Inventory Increased, New High for 2022 Calculated Risk Blog Four High Frequency Indicators for the Economy CNBC JPMorgan president says a recession may be price to pay to beat inflation, market bottom not in yet BusinessWire Finance of America to Discontinue Forward Mortgage Originations CNBC Fears of a severe recession deepen as European business activity slows on surging energy costs CNBC IRS: These are your 401(k) and IRA contribution limits for 2023 Calculated Risk Blog Total Housing Completions Will Increase About 6% in 2022 Calculated Risk Blog Q3 GDP Tracking: In 2% Range CNBC 3 charts showing the market turmoil wreaked during UK PM Liz Truss tenure

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