The day began on a fairly hopeful note for the mortgage market. During overnight trading hours, the bond market improved following a report regarding a peace framework sent to Iran by The U.S.  When bonds improve, rates fall, all else equal. The gains were modest, but they allowed the average lender to set their first rates of the day at slightly lower levels compared to yesterday. Lenders prefer a "one and done" strategy when it comes to setting mortgage rates for the day, but they will make mid-day changes if the underlying market moves enough. The underlying market began moving more than enough just before the noon hour. Most lenders were forced to recall their initial rate offerings and make upward adjustments. The net effect at the time of printing is that the average lender is back in line with yesterday's levels. 

May 7, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.44% +0.00%   5.99% 7.08% 15 Yr. Fixed 6.00% +0.00%   5.55% 6.39% 30 Yr. Jumbo 6.59% -0.01%   6.1% 7.15% Compare Mortgage Rates from Local Lenders for May 7, 2026 Mortgage Rates Erase Early Improvement Thu, May 7, 2026 2:46PM The day began on a fairly hopeful note for the mortgage market. During overnight trading hours, the bond market improved following a report regarding a peace framework sent to Iran by The U.S.  When bonds improve, rates fall, all else equal. The gains were modest, but they allowed the average lender to set their first rates of the day at slightly lower levels compared to yesterday. Lenders prefer a "one and done" strategy when it comes to setting mortgage rates for the day, but they will make mid-day changes if the underlying market moves enough. The underlying market began moving more ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.44% 0.00 0.00 15 Yr. Fixed 6.00% 0.00 0.00 30 Yr. FHA 5.95% +0.03 0.00 30 Yr. Jumbo 6.59% -0.01 0.00 7/6 SOFR ARM 6.21% +0.10 0.00 30 Yr. VA 5.96% +0.03 0.00 Updates Daily - Last Update: 5/7 Freddie Mac Rate Change Points 30 Yr. Fixed 6.37% +0.07 0.00 15 Yr. Fixed 5.72% +0.08 0.00 Updates Weekly - Last Update: 5/7 Mortgage Bankers Assoc. 30 Yr. Fixed 6.37% +0.02 0.61 15 Yr. Fixed 5.77% +0.02 0.63 30 Yr. Jumbo 6.45% +0.02 0.38 Updates Weekly - Last Update: 4/29 UMBS 30YR 5.0 98.72 +0.07   95.71 100.50 UMBS 30YR 5.5 100.66 +0.03   98.11 101.64 10 YR Treasury 4.370 -0.021   3.948 4.590 More Peace Deal Hope, More Overnight Gains Thu, May 7, 2026 9:08AM Bonds and oil rallied again in the overnight session, though not as swiftly as they did yesterday. News was thinner, but there was still an obvious catalyst just before 3am with a WSJ report that the U.S. provided Iran a detailed framework to end the war. The line item that caught the market's attention was a change in the moratorium on uranium enrichment. P... (read more) MBS Price Change UMBS 4.5 96.49 +0.09 UMBS 5.0 98.72 +0.07 UMBS 5.5 100.65 +0.03 GNMA 4.5 96.64 +0.09 GNMA 5.0 99.39 +0.07 GNMA 5.5 100.90 +0.08 Pricing as of: 5/8 7:23AM EST US Treasury Yield Change 2 YR Treasury 3.895 -0.010 5 YR Treasury 4.020 -0.023 7 YR Treasury 4.191 -0.020 10 YR Treasury 4.369 -0.022 30 YR Treasury 4.952 -0.017 Pricing as of: 5/8 7:23AM EST Other News Hedging and Secondary, Verification, AI, Reverse, Ops Tools; Earnings; Market Muddle Thu, May 7, 2026 11:53AM Lender and Broker Products, Software, and Services Spring homebuying season is in full swing, and for many lenders, that also means a surge in home equity demand as borrowers tap rising property values. But growth can expose cracks. Every handoff, re-entry, and system switch adds time and increases the risk of human error. FirstClose is working to change ... (read more) Latest Video NY Fed survey: Short-term inflation expectations increase, medium and long-... Jobless claims rise, productivity misses forecast Private payrolls rose by 109,000 in April, topping expectations, ADP says U.S. product exports hit record in the week ending May 1 Around the Web CNBC Here's what to expect from Friday's release of the April jobs report Investing Live WSJ: Saudi Arabia and Kuwait lift restrictions on US military use of bases. NY Fed Short-Term Inflation Expectations Increase Further, Longer-Term Expectations Stable Challenger Gray May 07 Challenger Report: April Job Cuts Rise 38% from March; YTD Cuts Down 50% CNBC Treasury yields continue decline as traders focus on U.S.-Iran peace plan Investing Live US initial jobless claims 200K vs 205K estimate Eye on Housing State-Level Employment Situation: March 2026 Investing Live Fed's Goolsbee: Impact of rising productivity on inflation remains active topic of debate US Treasury Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Investing Live US construction spending for March 0.6% versus 0.2% estimate Investing Live US productivity preliminary for Q1 0.8% versus 1.0% estimate. Eye on Housing Slight Rise for Open Construction Jobs in March Eye on Housing Private Residential Construction Spending Increases in March

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