Mortgage rates faced a slight headwind on Monday as economic data caused weakness in the bond market. This would typically result in higher mortgage rates, but in today's case, the damage was minimal. One thing to keep in mind is that mortgage rates don't change in real time with the market. Lenders set rates once in the morning and only change them when the bond market experiences a certain threshold of volatility. A small handful of lenders met that threshold and ended up raising rates this afternoon, but the average lender remained right in line with Friday. The implication is that if the bond market were to start tomorrow exactly where it's ending today, most lenders would be in a position to set tomorrow's rates slightly higher. This is purely hypothetical, however as there's no way to know which direction bonds will move overnight.

May 5, 2025 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 May 5, 2025 Mortgage Rates Roughly Unchanged to Start New Week Mon, May 5, 2025 3:51PM Mortgage rates faced a slight headwind on Monday as economic data caused weakness in the bond market. This would typically result in higher mortgage rates, but in today's case, the damage was minimal. One thing to keep in mind is that mortgage rates don't change in real time with the market. Lenders set rates once in the morning and only change them when the bond market experiences a certain threshold of volatility. A small handful of lenders met that threshold and ended up raising rates this afternoon, but the average lender remained right in line with Friday. The implication is that if the... (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 Another ISM Report That Wasn't Weak Enough to Help Bonds Mon, May 5, 2025 10:29AM The ISM Services PMI is this morning's key data, and arguably, the most relevant economic report of the week. Last week's ISM Manufacturing data wasn't strong, but it wasn't nearly as weak as traders were prepared to see. Today's services PMI is in the same vein--coming in higher than expected at the headline level and offering no relief on prices. The resul... (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 12:31PM 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 12:31PM EST Other News Pre-Qual, Fee Collection, Jumbo, Software Designing Tools; Training, Webinars, and Events This Week Mon, May 5, 2025 11:46AM Today celebrates Mexico’s victory over France in the Battle of Puebla on May 5, 1862. (In this country, Hispanic home ownership rates continue toward 10 million, which includes, of course, Mexicans. In Mexico itself, mortgage rates are north of 10 percent and homeownership is less than 60 percent.) Returning to the note about today, it was a relatively minor... (read more) Latest Video PIMCO CEO: Economy may already be in a recession Sec. Bessent: Very close to some trade deals ISM non-manufacturing PMI 51.6 vs. 50.4 estimated Bonds react to positive April jobs report Around the Web Calculated Risk Blog ICE Mortgage Monitor: Home Prices Continue to Cool CNBC Student loan collections restart for more than 5 million borrowers in default PR Newswire ISM: US services activity improves in April CNBC U.S. Treasurys hold steady as investor attention turns to Fed meeting Calculated Risk Blog Housing May 4th Weekly Update: Inventory up 2.1% Week-over-week, Up 32.9% Year-over-year Eye on Housing Residential Building Worker Wage Growth Slows Amid Softer Labor Market CNBC U.S. payroll growth totals 177,000 in April, topping expectations Calculated Risk Blog Fannie and Freddie: Single Family Serious Delinquency Rates Decreased in March; Multi-Family Delinquency Rate Equals Highest Since 2011 (ex-Pandemic) Forex Live US April S&P Global final services PMI 50.8 vs 51.4 prelim Eye on Housing Student Housing Construction Investment Rises in the First Quarter of 2025 Eye on Housing March Private Residential Construction Spending Dips Calculated Risk Blog Heavy Truck Sales Mostly Unchanged YoY in April CNBC Euro zone inflation unchanged at 2.2% in April, missing expectations for a move lower

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