It was a fairly uneventful day for mortgage rates for the average lender--at least until the very end of the business day.  Mortgage lenders prefer to set rates once a day, in the morning.  Because rates are ultimately determined by bond prices, if bonds move enough during the day, lenders can "reprice" to follow the market. In today's case, things had deteriorated enough by the last hour that several lenders repriced for the worse.  This didn't amount to a big change in rates as far as the average mortgage borrower would be concerned, but it does leave the average lender in line with the highest rates in nearly 2 weeks.   Thankfully, the past two weeks have been fairly flat for rates as the market gears up to hear whatever the Fed has to say on Wednesday.  Headlines will likely focus on the Fed's "rate hike," but that part will have been old news for quite some time.  The truly important information will be gleaned from Fed Chair Powell's press conference.  This could set the tone for a bigger phase of momentum, for better or worse.

July 24, 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 24, 2023 Mortgage Rates Unchanged to Slightly Higher Mon, Jul 24, 2023 5:05PM It was a fairly uneventful day for mortgage rates for the average lender--at least until the very end of the business day.  Mortgage lenders prefer to set rates once a day, in the morning.  Because rates are ultimately determined by bond prices, if bonds move enough during the day, lenders can "reprice" to follow the market. In today's case, things had deteriorated enough by the last hour that several lenders repriced for the worse.  This didn't amount to a big change in rates as far as the average mortgage borrower would be concerned, but it does leave the average lender in li... (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 Pre-Powell Baseline Remains Intact as New Week Begins Mon, Jul 24, 2023 10:57AM Early last week, we shifted away from waiting on additional rally momentum from the previous week's rally and into a holding pattern ahead of this week's Fed meeting.  At the time, the Fed meeting was over a week away, but bonds have managed to maintain the holding pattern faithfully.  The same range continues to be the baseline heading into Wednes... (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 12:04PM 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 12:04PM EST Other News Construction, Rental DSCR, Warehouse Products; Agency News; MBS and Rate Sheet Pricing; Retail Profitability Study Mon, Jul 24, 2023 10:11AM Some things are fortuitous. For example, if Sting hadn’t been in Montserrat windsurfing when Dire Straits was recording “Money for Nothing,” would we have ever heard the iconic “I want my MTV” 38 years ago? Some things don’t go so smoothly, like insurance in places like California and Florida. Farmers Insurance is the latest home insurer to pull out of Flori... (read more) Latest Video Looking ahead to the Fed: What to expect from the FOMC's rate decision this... Small rate hike 'baked in the cake' at next Fed meeting, says former Fed go... Fmr. Dallas Fed President Robert Kaplan: I'd love to see a more broad appro... Huntington Bank CEO on Q2 bank earnings, loan demand and the state of the c... Around the Web CNBC A 10-year rally in U.S. home prices could be coming to an end, says Yale's Robert Shiller Calculated Risk Blog Update on Four High Frequency Indicators Calculated Risk Blog Housing July 24th Weekly Update: Inventory increased 1.9% Week-over-week; Down 8.8% Year-over-year CNBC Treasury yields little changed as investors prepare for Fed meeting Eye on Housing Housing Demand Slows on Higher Rates and Prices 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 Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.16 million SAAR in June; Median Prices Declined 0.9% YoY in June CNBC Treasury yields dip as investors consider monetary policy outlook Calculated Risk Blog Hotels: Occupancy Rate Up 0.1% Year-over-year CNBC European markets set for mixed open ahead of busy earnings week, ECB meeting

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