Farther vs further...  One is for distance and the other means "additional/additionally."  The dictionary may disagree, but only because too many of you misused "further" over the years.  Let us speak of it no further... How about those mortgage rates?  What a difference 4 days make!  Last Friday, the average lender was just about as close to the "mid 7'ss" as they were at the 2022 peak.  Now today, mid-to-upper 6's are back in fashion when it comes to top tier conventional 30yr fixed scenarios.  Incidentally, Freddie Mac's widely cited weekly rate survey is also in the high 6's as of today's release, but it suggests a massive week-over-week increase whereas the opposite is true in reality.  Freddie averages 5 days of rates leading up to Thursday whereas our index is updated every day for the current day's rates. In other words, Freddie is still getting caught up with last week's spike while we're here to tell you it's already been erased.  Whether or not rates fall farther will depend on whether there's further evidence of lower inflation pressures, as seen in this week's economic data.  

July 13, 2023 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 Jul 13, 2023 Mortgage Rates Fall Farther Into The 6's Thu, Jul 13, 2023 5:13PM Farther vs further...  One is for distance and the other means "additional/additionally."  The dictionary may disagree, but only because too many of you misused "further" over the years.  Let us speak of it no further... How about those mortgage rates?  What a difference 4 days make!  Last Friday, the average lender was just about as close to the "mid 7'ss" as they were at the 2022 peak.  Now today, mid-to-upper 6's are back in fashion when it comes to top tier conventional 30yr fixed scenarios.  Incidentally, Freddie Mac's widely cited weekly rate survey i... (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 Bond Bulls Cheering The Inflation Narrative Thu, Jul 13, 2023 11:50AM Thursday begins with 2 data points that could be traded either way.  In one corner, we have another resilient reading in the Jobless Claims data (237k vs 250k f'cast).  In the other, wholesale inflation (via PPI) came in at 0.1 vs 0.2 f'cast). If anything, Jobless Claims has been far more likely to inspire bond market movement recently, but even th... (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 1:10PM 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 1:10PM EST Other News Search Engine; Co-Issue, TPO, LO Survey, Credit, HELOC Servicing Products; Be Wary of Interest Rate Predictions Thu, Jul 13, 2023 10:38AM As rumors continue to swirl regarding the purchase of a well-known Southeastern Texas mortgage bank, lenders are watching the current drop in rates. It is generally believed that a slowing economy, aka a recession, leads to lower rates. Some have been predicting a recession for a few years, and it becomes a little tiresome, especially with the Fed continuing... (read more) Latest Video Fed should be leaning toward one more rate increase, says former Dallas Fed... San Francisco Fed President Mary Daly: Too early to declare victory on infl... Two economic experts discuss the Fed's path forward following June's cooler... Inflation data looks like a move in the right direction, says J.P. Morgan's... Around the Web Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-July Reuters US weekly jobless claims unexpectedly fall CNBC St. Louis Fed President Bullard says he's stepping down in August bls U.S. PPI cools to 0.1% in June Eye on Housing CPI Eases Further as Housing Inflation Slows Calculated Risk Blog BLS: CPI increased 0.2% in May; Core CPI increased 0.2% Calculated Risk Blog Hotels: Occupancy Rate Down 2.3% Year-over-year CNBC Here's the inflation breakdown for June, in one chart Eye on Housing Remodeling Market Sentiment Edged Down in Second Quarter of 2023 CNBC 2-year Treasury yield continues to slide after cool June CPI figure Calculated Risk Blog Cleveland Fed: Median CPI increased 0.1% and Trimmed-mean CPI increased 0.1% in June CNBC CNBC Daily Open: Cool inflation and hot markets Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter

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