Mortgage rates hit their highest level in just over 3 months yesterday with financial markets generally protesting the absence of more serious spending cuts in the spending bill.  Rates care about fiscal spending because higher spending requires higher Treasury issuance which, in turn, pushes rates higher, all else equal. Although the House passed the bill early this morning, financial markets were already fairly well braced for the impact. Now that the Senate is saying the bill likely won't reach the President's desk until late Summer, markets are able to pause and reflect.  One conclusion that some investors are coming to is that yields on US Treasuries are increasingly attractive as they move up through the 4% range (and in the case of 30yr bonds, the 5% range). When investors buy more bonds, it puts downward pressure on rates. As far as today was concerned, it didn't amount to much in terms of movement versus yesterday. The average lender is just a hair lower, but still over 7% for top tier 30yr fixed scenarios.

May 22, 2025 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Edge Down From Recent Highs, But Remain Over 7% Mortgage rates hit their highest level in just over 3 months yesterday with financial markets generally protesting the absence of more serious spending cuts in the spending bill.  Rates care about fiscal spending because higher spending requires... (read more) MBS Commentary Conspicuous Absence of Volatility After Data and Spending Bill Vote The most significant development of the overnight session was the early morning passage of the spending bill in the House. This resulted in only a modest extension of losses in stocks/bonds, mostly because stocks/bonds (mostly bonds) have been pricin... (read more) Rob Chrisman Non-QM, QC Trends, Past Borrower Mining Tools; House Passes Spending Bill; Webinars Through Month-End Yesterday I headed west from the conference while my son Robbie headed south to the nCino nSight event. But while in Manhattan Dawn S. asked me, “How do you know if there’s a vegan at your party?” Answer: “They’ll tell you.” It’s not hard to find som... (read more) Mortgage Rates Mortgage Rates Edge Down From Recent Highs, But Remain Over 7% 30 Yr. Fixed Rate 6.29% -0.16% Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% -0.16 0.00 15 Yr. Fixed 5.60% -0.21 0.00 30 Yr. FHA 5.95% -0.08 0.00 30 Yr. Jumbo 6.25% -0.15 0.00 7/6 SOFR ARM 5.59% -0.21 0.00 30 Yr. VA 5.97% -0.08 0.00 Updates Daily - Last Update: 9/5 15 Yr. Fixed Rate 5.60% -0.21% Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 MBS / Treasuries Conspicuous Absence of Volatility After Data and Spending Bill Vote UMBS 30YR 5.5 101.13 +0.32 MBS Price Change UMBS 5.0 99.47 +0.46 UMBS 5.5 101.13 +0.32 UMBS 6.0 102.48 +0.16 GNMA 5.0 99.83 +0.48 GNMA 5.5 101.13 +0.25 GNMA 6.0 102.13 +0.03 Pricing as of: 9/6 4:22PM EST 10 Year US Treasury 4.0867 -0.0711 US Treasury Yield Change 2 YR Treasury 3.517 -0.072 5 YR Treasury 3.589 -0.055 7 YR Treasury 3.800 -0.061 10 YR Treasury 4.087 -0.071 30 YR Treasury 4.770 -0.090 Pricing as of: 9/6 4:22PM EST Latest Video Japan 10-year falls below March '25 highs Housing affordability is showing marginal improvement in some parts of U.S.... April existing home sales miss, slowest pace since 2009 Jobless claims edge higher as labor market holds steady Around the Web CNBC April home sales dropped to the slowest pace for that month since 2009 CNBC House Republican tax bill passes 'SALT' deduction cap of $40,000. Here's who benefits FXStreet US: Initial Jobless Claims dropped to 227K last week Eye on Housing Income Growth Helps Mute Existing Affordability Constraints Forex Live US May S&P Global flash services PMI 52.3 vs 50.8 expected CNBC A fundamental regime shift could be underway as investors rethink U.S. assets, ECB says Calculated Risk Blog ICE: "Annual home price growth nationally slowed to 1.6% in May" Calculated Risk Blog Hotels: Occupancy Rate Decreased 0.4% Year-over-year CNBC How lumber duties could worsen home affordability in the U.S. Calculated Risk Blog AIA: "Billings continue to decline at architecture firms" CNBC Treasury yields little changed as U.S. fiscal deficit concerns take center stage Calculated Risk Blog In Q1 2025, 19% of Units Started Built-for-Rent were Single Family Eye on Housing Gains for Multifamily Missing Middle over Last Year

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