Mortgage rates moved up somewhat abruptly today as the bond market lost more ground over the weekend.  Rates are driven primarily by bonds, but mortgage lenders tend to only update rates once per day unless the bond market is moving very quickly. With that in mind, bonds were losing ground on Friday afternoon, but not quickly enough or early enough for a majority of lenders to adjust pricing.  As such, lenders already had some catching up to do regardless of today's bond market weakness.  The combination of the two factors (the "catch-up" and the new weakness) caused today's spike to be bigger than average. That said, there weren't any compelling news headlines or economic reports driving the weakness.  It would be better thought of as a hangover from Friday's jobs report. As the week progresses, there will certainly be at least one major economic report with a proven track record of causing big reactions in rates: the Consumer Price Index (CPI) on Wednesday morning.  With the average lender already near the highest levels since February, a bad reaction to CPI could easily launch rates back to levels not seen since November.  On the other hand, if CPI manages to come in much lower than expected, rates would almost certainly drop.

April 8, 2024 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 Apr 8, 2024 Mortgage Rates Near Highest Levels Since February Mon, Apr 8, 2024 4:02PM Mortgage rates moved up somewhat abruptly today as the bond market lost more ground over the weekend.  Rates are driven primarily by bonds, but mortgage lenders tend to only update rates once per day unless the bond market is moving very quickly. With that in mind, bonds were losing ground on Friday afternoon, but not quickly enough or early enough for a majority of lenders to adjust pricing.  As such, lenders already had some catching up to do regardless of today's bond market weakness.  The combination of the two factors (the "catch-up" and the new weakness) caused today's sp... (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 Weaker Start, Quiet Monday, Auctions and CPI Ahead Mon, Apr 8, 2024 11:49AM Bonds began the new week with follow-through selling overseas.  Losses were steady and linear in both Asia and Europe.  It's tempting to chalk up some of the weakness to a big beat in German industrial production data, but Treasury yields were already up to 4.44% by the time the data came out.  The first order of business for U.S. bond traders... (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 12:47PM 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 12:47PM EST Other News Non-QM, Seconds, Warehouse, Efficiency Products; Primer on CRAs, Bureaus, and Data Analytics Mon, Apr 8, 2024 11:01AM “A fine is a tax for doing wrong. A tax is a fine for doing well.” April 15th is in a week, the traditional date when taxes are due. Time flies. Do you realize that we have seven more months until the election? Seven more months of headlines and gaffes, posturing, missteps, and election trivia (like no Republican has been elected to the White House by a majo... (read more) Latest Video Inflation outlook mostly steady but jumps for rent, NY Fed survey shows The Fed's 'play-by-play commentary' imposes unnecessary volatility into mar... June might be too soon for easing to start: Regions Bank CIO Alan McKnight Investor confidence is really starting to pick up, says Charles Schwab's Jo... Around the Web Marketwatch Consumers expect mortgage rates to go up in the next year, but Fannie Mae expects a 'thaw' in the housing market Marketwatch Treasury yields aren't acting like the Fed is done hiking interest rates CNBC 'They can't get it wrong again': Economists are increasingly uncertain about Fed rate cuts this year Calculated Risk Blog 1st Look at Local Housing Markets in March Calculated Risk Blog Housing April 8th Weekly Update: Inventory down 0.9% Week-over-week due to Easter Holiday, Up 24.6% Year-over-year Calculated Risk Blog Leading Index for Commercial Real Estate Decreased 9% in March Eye on Housing Residential Building Wages See Fastest Growth in More Than Two Years CNBC Fed Governor Bowman says additional rate hike could be needed if inflation stays high CNBC Treasury yields climb as investors weigh state of economy ahead of key data Marketwatch Fed's Logan says 'much too soon to think about cutting rates' Calculated Risk Blog Wholesale Used Car Prices Declined in March; Down 14.7% Year-over-year CNBC Here's where the jobs are for March 2024 in one chart in one chart Calculated Risk Blog Q1 GDP Tracking: 2% to 2.5%

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