Wednesday's Consumer Price Index caused a brutally fast spike in mortgage rates.  It wasn't notable for taking us to exceptionally high levels (October 2023 was much higher), but it was one of the biggest single-day jumps.  Either way, it easily took the average lender back to highest levels since November 2023.  Today was very tame by comparison although rates moved just a bit higher.  The average lender is at the weakest levels since November 20th, 2023.  This reality is at odds with many of today's mortgage rate headlines which mention 6.88% as this week's rate.  So what's the true story? 6.88% is a product of Freddie Mac's weekly survey.  What Freddie really means is that 6.88% was the 5 day average from last Thursday through yesterday. Moreover, Freddie's survey doesn't adjust for upfront discount points and several other loan features that can push rates down.  Combined with the averaging methodology and lag, Freddie's rate is frequently misleading for consumers who are trying to get a sense of where rates may be on any given day. Please be very well assured and very certain that 6.88% is not today's rate.  While a mortgage lender could technically still quote such rates, they would not be able to do so without higher upfront costs (aka "points").  Based on our apples to apples approach, today's rate would need to be 0.25-0.375% higher to be quoted with the same upfront costs as a rate from Tuesday (before the big spike). 

April 11, 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 11, 2024 Mortgage Rates Are Actually The Highest Since Mid November Thu, Apr 11, 2024 4:14PM Wednesday's Consumer Price Index caused a brutally fast spike in mortgage rates.  It wasn't notable for taking us to exceptionally high levels (October 2023 was much higher), but it was one of the biggest single-day jumps.  Either way, it easily took the average lender back to highest levels since November 2023.  Today was very tame by comparison although rates moved just a bit higher.  The average lender is at the weakest levels since November 20th, 2023.  This reality is at odds with many of today's mortgage rate headlines which mention 6.88% as this week's rate.&nb... (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 Mixed Start, Modest Weakness, But No Major Follow-Through Thu, Apr 11, 2024 12:10PM After a day like Wednesday (one of the top 20 weakest bond market days of the past few decades), one of the top concerns is that the following day will see follow-through selling.  Indeed, there are many examples of such days catalyzing a new trend for several weeks.  Heavy selling in response to CPI data has been a 2 way street with the last two e... (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 10:48AM 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 10:48AM EST Other News Hedging, Fee Collection, VOIE, Valuation, Analytics Tools; Webinars and Training Through Next Week Thu, Apr 11, 2024 11:35AM The next time you complain about your job, just be thankful you’re not working at Cinnabon. (Excuse the language.) Did you know that tomorrow is “Take your underwriter to work day”? Okay, I just made that up. If life could be so simple and everything would go smoothly. Instead, we were once again provided with fodder (in the form of March consumer price leve... (read more) Latest Video Inflation reaccelerating across various segments, says Northwestern Mutual'... Why insurance costs have soared for millions of Americans This is the largest office to rental apartment conversion in New York City ... Fed wants more confidence that inflation is moving toward 2% target, meetin... Around the Web CNBC Why car insurance costs are skyrocketing and leading to higher inflation Calculated Risk Blog Realtor.com Reports Active Inventory UP 30.4% YoY; New Listings Up 30.1% YoY CNBC The Fed is determined not to reduce interest rates too soon, experts say a mistake the central bank has made in the past CNBC Producer Price Index: CNBC Explains Calculated Risk Blog 2nd Look at Local Housing Markets in March CNBC Fed meeting minutes point to caution on inflation CNBC Consumer prices rose 3.5% from a year ago in March, more than expected Market Watch Surging Treasury yields sink stocks but heres an unusual market twist Market Watch Jobless claims retreat again to 211,000 in another sign of labor-market strength CNBC Wholesale prices rose 0.2% in March, less than expected CNBC Hot inflation data pushes markets rate cut expectations to September Eye on Housing Remodeling Market Sentiment Remains in Positive Territory in First Quarter CNBC European Central Bank holds interest rates, hints at cut ahead

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