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30 Year Fixed
4.59%    +0.01
15 Year Fixed
3.69%    +0.00
10YR Treasury
2.78%    +0.0112
FNMA 30YR 3.5
99.75    -0.06
FNMA 15YR 2.5
102.13    0.00
View Today's Rates
For Immediate Release
Rates Improve For 2nd Week Ahead of Jobs Data
August 30, 2013
Market Summary

Mortgage rates continued lower this week with 4 out of the 5 days being flat or positive.  This is the second week of improvements and makes up for roughly half of the damage done on the week of August 12th. 

The most prevalent 30yr Fixed rate quote for top tier borrowers (best-execution)  fell to 4.625% from 4.75% last week.  Lenders were generally hesitant to adjust rate sheets much ahead of the 3-day Labor Day weekend and next week's important employment data.   Syria-related headlines added to the uncertainty.

"While no single point of data has the power to completely set the tone for interest rates, Friday's Employment Situation Report is head and shoulders above any other piece of data.  It can go a long way toward confirming or rejecting the idea that the Fed will taper asset purchases at the September 18th meeting, and such confirmation could put noticeable upward pressure on rates after weeks of calmer consolidation.  It could conversely help rates improve if the data is much weaker than expected."

-Matthew Graham, Chief Operating Officer, Mortgage News Daily

Real-time Average Rates
Rate Product Current 1 Week Change 1 Year Change
30 Yr FRM 4.59% -0.08% +0.97%
15 Yr FRM 3.69% -0.07% +0.78%
FHA 30 Year Fixed 4.27% -0.08% +0.76%
Jumbo 30 Year Fixed 4.57% -0.08% +0.40%
5/1 Yr ARM 3.25% -0.05% +0.26%
Rates as of: Friday, August 30, 2013
Week in Review
* Rates shown based on 30 Year Fixed Rate Mortgage
Friday, August 23, 2013  :   4.67% (-0.10%)

Mortgage rates shot significantly lower today after the New Home Sales report showed far fewer executed purchases contracts than expected for the month of July.  The move came in phases with most lenders releasing at least 2 rate sheets.  Some offered bigger improvements, while others got back in line with the rest of the pack.  The net effect was nearly a full eighth of a point drop in average rates for ideal scenarios, bringing best-execution down to 4.625% in many cases while some notable lenders remain at 4.75%. 

More detail: "Mortgage Rates Shoot Lower After Housing Data"
Monday, August 26, 2013  :   4.61% (-0.06%)

Mortgage rates continued lower today after a weaker-than-expected economic report this morning from the manufacturing sector.  Not only does weak economic data put downward pressure on interest rates in and of itself, it also helps firm up the consensus on when and how the Fed will begin reducing its asset purchases.  "Sooner and bigger" is worse for rates, but the more weak data, the more the implication shifts towards "later, less, or both."

More detail: "Mortgage Rates Continue Lower as Data Disappoints"
Tuesday, August 27, 2013  :   4.53% (-0.08%)

Mortgage rates hit their lowest levels in nearly two weeks today.  Conventional 30yr Fixed quotes for the most ideal scenarios (best-execution) are back down around 4.5% for some lenders and remain at 4.625% for many others.  The most visible, mainstream explanation for the move is the geopolitical risk surrounding Syria and the effect global markets.  Such risk can indeed motivate a "flight to safety" where investor demand tends to shift toward the least-risky assets like US Treasuries and out of more risky assets like stocks.  While these two things are indeed happening, the whole story isn't quite that simple.

More detail: "Mortgage Rates Near Two-Week Lows"
Wednesday, August 28, 2013  :   4.60% (+0.07%)

Mortgage rates bounced higher today, moving back in line with Monday's levels.  Conventional 30yr Fixed quotes for the most ideal scenarios (best-execution) are back to 4.625% on average though some lenders are an eighth higher or lower.  Frustratingly, this is one of those days where there is no overt "cause and effect" for the movement whereas yesterday's could more readily be chalked up to geopolitical risks surrounding Syria.

Interestingly enough, when Syria seemed to have been a source of market movement yesterday, we characterized it as the easiest mainstream explanation, with the whole story being less simple.  It's those "less simple" factors that came into play today.  In an effort to be sure they received their adequate treatment yesterday, today's move higher was basically accounted for in advance.  Here are the relevant parts of yesterday's comments:

More detail: "Mortgage Rates Give Back Yesterday's Improvement"
Thursday, August 29, 2013  :   4.58% (-0.02%)

Mortgage rates began the day in slightly higher territory, but most lenders adjusted rate sheets mid-day, bringing the average rate just below yesterday's latest offerings.  Underlying market conditions are as much a culprit in the welcome turnaround as anything.  Conventional 30yr Fixed quotes for the most ideal scenarios (best-execution) are still most readily found at 4.625% though some lenders are an eighth higher or lower.

The typical correlations between economic data and market movements broke down to some extent (for the 4th time this week) due to lighter participation among traders and looming geopolitical uncertainty surrounding Syria. In the same way that markets refused to take rates any lower on Tuesday afternoon, they weren't eager to take them any higher this morning.  It continues to be the case that the biggest movements will be dependent on more thorough market participation, which isn't guaranteed to show up until next week. 

More detail: "Mortgage Rates Change Course Mid-Day to End Lower"
Friday, August 30, 2013  :   4.59% (+0.01%)

Mortgage rates had an uneventful day, moving sideways on average.  Some lenders were almost perfectly unchanged, while others were slightly higher or lower than yesterday's latest levels.  In virtually all cases, the only thing that would change about a rate quote from yesterday to today would be a slight difference in closing costs (as opposed to a movement in the "note rate" itself).  As such, conventional 30yr Fixed quotes for the most ideal scenarios (best-execution) remained at 4.625% though some lenders are an eighth higher or lower.

It's easy to look at numbers on the computer or TV and think of financial markets as simply being open or closed.  For instance, most radio listeners hear an update on stock market averages in the middle of the day and assume markets are open for business as usual, but some days depart from the usual.

More detail: "Mortgage Rates Stay Flat Ahead of 3-Day Weekend"
30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
Members of the Media
Issued Wednesday AM, this weekly report is the most comprehensive and accurate of it's kind.  It includes:
- This Week's Market Analysis
- Real-time Mortgage Rates
- The Complete Week in Review
- Charts for the 15 and 30 Year FRM

If you have suggestions, questions or would like to schedule an interview with one of our market analysts please contact us here.
Today's Average Rates
Best Execution
Rate Change
30 Yr FRM 4.59% +0.01
15 Yr FRM 3.69% +0.00
FHA 30 Year Fixed 4.27% +0.00
Jumbo 30 Year Fixed 4.57% -0.01
5/1 Yr ARM 3.25% +0.01
View Current Mortgage Rates
About our Rate Survey
National Averages
Rate Points Change
FHFA *
15 Yr. Fixed 3.44% 0.85 +0.40
30 Yr. Fixed 4.27% 1.09 +0.51
MBA **
30 Yr. Fixed 4.80% 0.41 +0.12
15 Yr. Fixed 3.84% 0.35 +0.13
30 Yr. Jumbo 4.78% 0.34 +0.04
30 Yr. FHA 4.52% 0.32 +0.12
5/1 ARM 3.50% 0.37 +0.06
Freddie Mac **
30 Yr. Fixed 4.51% 0.70 -0.07
15 Yr. Fixed 3.54% 0.70 -0.06
1 Yr. ARM 2.64% 0.40 -0.03
5/1 Yr. ARM 3.24% 0.50 +0.03
View National Averages
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
MBS
Price Change
30YR FNMA 3.0 95.63 -0.08
30YR FNMA 3.5 99.75 -0.06
30YR GNMA 3.0 96.63 -0.03
30YR GNMA 3.5 100.78 -0.03
15YR FNMA 3.0 102.13 0.00
15YR FNMA 2.5 99.00 -0.08
Treasuries
Yield Change
2 YR 0.3987% +0.0000
5 YR 1.6260% +0.0134
10 YR 2.7766% +0.0112
30 YR 3.7004% -0.0149
Prices as of: 8/30/2013 3:31PM EST
View MBS and Treasury Prices
MBS & Treasury data provided through our partnership with Thomson Reuters.
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Commentary
- Mortgage Rate Watch
- MBS Commentary
About Our Rate Survey
Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available.  We use a proprietary formula to calculate averages based on best-execution rates from top lender's rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.

This weekly press release summarizes all information and analysis issued by Mortgage News Daily this week including a market summary, current mortgage rates, charts, the week in review, etc. 

Additional Information
If you need more information our experts are happy to answer questions or provide additional market perspective. Contact our press team.
This information is not an advertisement to extend consumer credit. This is not an offer to enter into an agreement regarding interest rates. The rates quoted do not include discount points, origination points, or loan level risk based price adjustments. Rates presented in this report are averages and are subject to change without notice.
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