Mortgage rates rose at a moderately quick pace on Friday, partially in response bond market weakness on Thursday afternoon that happened too late in the day for many lenders to update their offerings.  To be fair, it was only "moderately quick" relative to the subdued volatility seen during the rest of the week.   The new week is off to the same sort of subdued start with the average lender holding right in line with the levels seen on Friday.  Political developments over the weekend had no discernible impact on the rate landscape in the short term, no matter how often claims to the contrary might be repeated. Unfortunately, there was a certain amount of mid day volatility in the bond market that lacked an obvious explanation.  Because political events were the most notable headlines of the day, they have been mistakenly linked to the bond market movement--even by respectable news organizations.   All of the above is neither here nor there on a day where 10yr Treasury yields are less than 0.02% higher than Friday and where mortgage rates are perfectly unchanged.  The 2nd half of the week brings greater risks of volatility following Treasury auctions and scheduled economic data.

July 22, 2024 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.58% -0.04%   5.99% 6.87% 15 Yr. Fixed 6.15% -0.01%   5.55% 6.25% 30 Yr. Jumbo 6.81% +0.01%   6.1% 6.95% Compare Mortgage Rates from Local Lenders for Jul 22, 2024 Mortgage Rates Remain Unchanged to Start The Week Mon, Jul 22, 2024 4:51PM Mortgage rates rose at a moderately quick pace on Friday, partially in response bond market weakness on Thursday afternoon that happened too late in the day for many lenders to update their offerings.  To be fair, it was only "moderately quick" relative to the subdued volatility seen during the rest of the week.   The new week is off to the same sort of subdued start with the average lender holding right in line with the levels seen on Friday.  Political developments over the weekend had no discernible impact on the rate landscape in the short term, no matter how often cla... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.58% -0.04 0.00 15 Yr. Fixed 6.15% -0.01 0.00 30 Yr. FHA 6.15% 0.00 0.00 30 Yr. Jumbo 6.81% +0.01 0.00 7/6 SOFR ARM 6.30% +0.06 0.00 30 Yr. VA 6.17% 0.00 0.00 Updates Daily - Last Update: 6/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.47% -0.05 0.00 15 Yr. Fixed 5.81% -0.03 0.00 Updates Weekly - Last Update: 6/18 Mortgage Bankers Assoc. 30 Yr. Fixed 6.60% 0.00 0.63 15 Yr. Fixed 6.02% +0.03 0.65 30 Yr. Jumbo 6.62% -0.04 0.57 Updates Weekly - Last Update: 6/17 UMBS 30YR 5.0 98.13 +0.13   96.76 100.50 UMBS 30YR 5.5 100.20 +0.12   98.96 101.64 10 YR Treasury 4.456 -0.040   3.948 4.668 Total and Complete Absence of a Reaction to Biden Bowing Out Mon, Jul 22, 2024 11:22AM If there was any remaining doubt that recent political headlines were given too much credit for impacting the bond market, it was removed late Sunday night.  When Treasury trading began for the week, investors finally had a chance to react to the first non-speculative major development in the Trump vs Biden election odds debate--the one that kicked into... (read more) MBS Price Change UMBS 4.5 95.81 +0.19 UMBS 5.0 98.13 +0.13 UMBS 5.5 100.20 +0.12 GNMA 4.5 95.94 +0.00 GNMA 5.0 98.56 +0.28 GNMA 5.5 100.36 +0.21 Pricing as of: 6/20 9:46AM EST US Treasury Yield Change 2 YR Treasury 4.179 -0.007 5 YR Treasury 4.234 -0.033 7 YR Treasury 4.340 -0.030 10 YR Treasury 4.456 -0.040 30 YR Treasury 4.896 -0.035 Pricing as of: 6/20 9:46AM EST Other News Fraud Prevention Report, HELOC, LO Awareness, DSCR Products Biden’s impact on Markets Mon, Jul 22, 2024 12:18PM No way, President Biden decided to drop out of the presidential race on National Ice Cream Day! The markets (take your pick… stock, bond, currency, whatever) don’t like uncertainty. Fixed-income markets, including those that involve mortgage-backed securities, generally sell off price-wise and go up rate-wise with uncertainty. With President Joe Biden announ... (read more) Latest Video Former Kansas City Fed President: The Fed is beginning to see the progress ... Fidelity's Jurrien Timmer: Market is on solid footing, and economic data is... Former Atlanta Fed President Dennis Lockhart: A September rate cut is on th... CrowdStrike update causes global business outage Around the Web Marketwatch Mortgage delinquencies hit a six-month high in June, but its not as bad as it looks Calculated Risk Blog Housing July 22nd Weekly Update: Inventory up 2.6% Week-over-week, Up 39.1% Year-over-year CNBC 10-year Treasury yield falls as investors look to key data in week ahead CNBC Automakers report earnings this week. GM is set to be the standout Calculated Risk Blog NMHC: "Apartment Market Conditions Continue to Loosen" Calculated Risk Blog Lawler: Early Read on Existing Home Sales in June Calculated Risk Blog Realtor.com Reports Active Inventory Up 35.8% YoY CNBC Treasury yields rise as investors weigh rate outlook Calculated Risk Blog Existing Home Sales Report: Watch Months-of-Supply Calculated Risk Blog California Home Sales Down 3% SA YoY in June; 4th Look at Local Housing Markets in June Eye on Housing Remodeling Market Sentiment Holds Steady in Second Quarter Calculated Risk Blog Q2 GDP Tracking: Mid-2% Calculated Risk Blog LA Port Traffic Increased Year-over-year in June

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