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: 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 22, 2025 Mortgage Rates Edge Down From Recent Highs, But Remain Over 7% Thu, May 22, 2025 3:20PM 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 c... (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 Conspicuous Absence of Volatility After Data and Spending Bill Vote Thu, May 22, 2025 10:06AM 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 pricing this in throughout the week. Yields actually managed to recover into positive territory before the 9:45am ET... (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 7:14AM 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 7:14AM EST Other News Non-QM, QC Trends, Past Borrower Mining Tools; House Passes Spending Bill; Webinars Through Month-End Thu, May 22, 2025 11:51AM 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 someone to tell you why the “Sell America” trade is rampant in the financial markets, impacting rates and borrowe... (read more) 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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