After rising somewhat sharply yesterday, mortgage rates managed to find their footing on Friday's market session.  Bonds typically face more volatility risk when they have to digest scheduled economic data or major news headlines.  Today offered a light supply of both (especially econ data... there was none). As such, trading levels didn't drift far from Thursday afternoon's and the average mortgage lender was able to lower costs by just a hair.  The average borrower would still be seeing the same interest rate that was quoted yesterday, but possibly with microscopically lower upfront costs.  Note: rates were close enough to unchanged that those upfront costs could be slightly higher in some cases. Bigger volatility is a bigger risk next week surrounding the Fed's rate hike and the press conference with Fed Chair Powell. The rate hike is seen as a 100% certainty, so it's the press conference that will capture the attention of the bond market (and thus, "rates"). 

July 21, 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 21, 2023 Mortgage Rates Sideways to Slightly Lower Fri, Jul 21, 2023 4:09PM After rising somewhat sharply yesterday, mortgage rates managed to find their footing on Friday's market session.  Bonds typically face more volatility risk when they have to digest scheduled economic data or major news headlines.  Today offered a light supply of both (especially econ data... there was none). As such, trading levels didn't drift far from Thursday afternoon's and the average mortgage lender was able to lower costs by just a hair.  The average borrower would still be seeing the same interest rate that was quoted yesterday, but possibly with microscopically lower ... (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 Boring, Placeholder of a Day Fri, Jul 21, 2023 4:05PM Boring, Placeholder of a Day Now that the riveting headline has your attention, you may be dismayed to learn that it really was only a boring, placeholder of a day.  Bonds started fairly flat, made some gains at the 8:20am CME open, and then remained fairly flat for the rest of the day.  10yr yields drifted... (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 3:29AM 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 3:29AM EST Other News Lite Doc, Efficiency, 40-Year, HELOC Products; FHA, VA, USDA, HECM Agency and Investor News Fri, Jul 21, 2023 11:02AM Isn’t ice cream a great food!? In fact, I worked in an ice cream plant in my early 20s. Did you know that Moose Tracks ice cream was named for a miniature golf course in Michigan's Upper Peninsula? Thank you to Carla M. who reminded me that July is National Ice Cream Month with an article on the top flavors. It is fortuitous that chocolate and ice cream met,... (read more) Latest Video Investors don't expect from surprises from the Fed next week, says Shannon ... Regional deposit competition 'very intense' in June as cost of deposits ros... Soft landing odds have improved but economy will see sluggish growth: Wells... Huntington Bank CEO on Q2 bank earnings, loan demand and the state of the c... Around the Web Marketwatch Bernanke says it is clear Fed will hike interest rates next week, but a September move is 'up for grabs' Calculated Risk Blog Black Knight: "Seriously Delinquent Mortgages Hit Lowest Level Since 2006" in June Calculated Risk Blog Q2 GDP Tracking: Around 2% CNBC Less than 5% of U.S. housing supply is accessible to older, disabled Americans. These changes may help vox Global Inflation Implications After Russia Scraps Black Sea Deal CNBC Treasury yields dip as investors consider monetary policy outlook CNBC Treasury yields rise as investors consider economic outlook Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.16 million SAAR in June; Median Prices Declined 0.9% YoY in June Calculated Risk Blog Lawler: Early Read on Existing Home Sales in June & 4th Look at Local Markets Federal Reserve Federal Reserve Board announces two enforcement actionsagainst Deutsche Bank AG, its New York branch, and other U.S.affiliates CNBC China says two policies to support business coming soon Calculated Risk Blog Hotels: Occupancy Rate Up 0.1% Year-over-year Calculated Risk Blog AIA: Architecture Billings "Stable" in June; Multi-family Billings Decline for 11th Consecutive Month

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