Mortgage rates dropped at a modest pace for the 3rd straight day on Thursday. This brings them back in line with levels seen at the end of last week. That's notable because many media outlets--even some with a focus on mortgages and real estate--are running articles saying that rates are higher this week. While it's true that rates WERE higher on Monday, they've quickly fallen back into line. The source of the confusion is the same as it ever was on any given Thursday during times of relatively higher volatility. The vaunted Freddie Mac mortgage rate survey is an industry and news media benchmark. It comes out every Thursday, but only captures rate quotes from Monday through Wednesday (with heavy weight given to Monday based on my observations and comparisons with average daily rates). So if

October 24, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.37% +0.15%   6.13% 7.26% 15 Yr. Fixed 5.88% +0.13%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.11%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Oct 24, 2019 Mortgage Rates Fell Again, But There's a Catch Thu, Oct 24, 2019 3:43PM Mortgage rates dropped at a modest pace for the 3rd straight day on Thursday. This brings them back in line with levels seen at the end of last week. That's notable because many media outlets--even some with a focus on mortgages and real estate--are running articles saying that rates are higher this week. While it's true that rates WERE higher on Monday, they've quickly fallen back into line. The source of the confusion is the same as it ever was on any given Thursday during times of relatively higher volatility. The vaunted Freddie Mac mortgage rate survey is an industry and news media benchm... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.37% +0.15 0.00 15 Yr. Fixed 5.88% +0.13 0.00 30 Yr. FHA 6.05% +0.10 0.00 30 Yr. Jumbo 6.25% +0.11 0.00 7/6 SOFR ARM 5.77% +0.12 0.00 30 Yr. VA 6.07% +0.09 0.00 Updates Daily - Last Update: 9/18 Freddie Mac Rate Change Points 30 Yr. Fixed 6.26% -0.09 0.00 15 Yr. Fixed 5.41% -0.09 0.00 Updates Weekly - Last Update: 9/18 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.48 -0.10   95.05 100.47 UMBS 30YR 5.5 101.03 +0.00   97.47 101.61 10 YR Treasury 4.125 +0.044   3.706 4.780 MBS Live Recap: Bonds Having a Hard Time Trying to Improve Thu, Oct 24, 2019 4:17PM At a few points in the past 2 days, it looked as if bonds were finally ready to move back toward lower yields after 2 weeks spent moving fairly quickly higher.  After all, much of that weakness was due to fear that the UK could slam through a negotiated Brexit deal in enough time to have it approved by the October 31st deadline.  As of yesterday, i... (read more) MBS Price Change UMBS 4.5 97.41 -0.22 UMBS 5.0 99.49 -0.10 UMBS 5.5 101.02 -0.02 GNMA 4.5 97.49 -0.53 GNMA 5.0 99.70 -0.12 GNMA 5.5 100.96 +0.08 Pricing as of: 9/18 1:03PM EST US Treasury Yield Change 2 YR Treasury 3.570 +0.006 5 YR Treasury 3.671 +0.015 7 YR Treasury 3.863 +0.024 10 YR Treasury 4.115 +0.034 30 YR Treasury 4.732 +0.044 Pricing as of: 9/18 1:03PM EST Other News Mortgage Turnover is 121 Percent Faster Year-Over-Year Thu, Oct 24, 2019 11:00AM Homeowners continued to reduce and/or retire their mortgage debt at an accelerated clip in September according to Black Knight's "first look" at the month's loan performance data. The single month mortality (SMM) rate, an indication of early mortgage payoffs, rose 3.24 percent from August and was up 121 percent compared to September 2018 . Low mortgage rates... (read more) New Home Sales Rise to Double Digit Annual Gain Thu, Oct 24, 2019 10:58AM New home sales came in at a respectable seasonally adjusted annual rate of 701,000 in September, down only 0.7 percent from the revised rate of 706,000 in August. The August rate was originally estimated at 713,000. Sales of newly constructed homes are now running 15.5 percent higher than a year earlier when the annual rate was 607,000 units. The September n... (read more) Lenders Gauge the Success of Going Digital Wed, Oct 23, 2019 11:19AM Fannie Mae asked lenders, as part of its third quarter Mortgage Lender Sentiment Survey about their digital transformation efforts. The company says that, in previous surveys, lenders have consistently shown a strong interest in leveraging technology to improve both the front-end consumer experience and back-end operational efficiency . Lenders were asked fo... (read more) Broker, Credit, POS, and Cap. Mkts. Tools; Vendors Partnering and Raising Money Thu, Oct 24, 2019 12:07PM With only one week until Halloween we are reminded that time flies. Dating back 2,000 years to the Celtic festival of Samhain, Halloween is an ancient tradition associated with images of witches, ghosts and vampires, though it has been taken over by children and drunk adults, and rivalries like the shipping department versus accounting for bragging rights in... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Calculated Risk Blog Black Knight's First Look: National Mortgage Delinquency Rate Increased Seasonally in September, Foreclosure Inventory Lowest Since 2005 Reuters New York Fed offers to inject more liquidity into the banking system CNBC Fed expected to cut rates next week but, some of its reasons for this may be fading Reuters U.S. VP Pence says Trump hopes to tackle China IP theft after 'Phase 1' deal Bloomberg Mario Draghi, ECB President, Says Downside Risks to Euro Area Economy `Prominent,' Inflation `Muted' Reuters UK's Johnson to ask parliament for December 12 general election Reuters U.S. business investment still weak; jobless claims fall CNBC Goldman Sachs predicts the Fed will make two big changes next week Reuters U.S. new home sales dip in September; prices fall Reuters Draghi defends legacy as ECB keeps money taps on CNBC US durable goods orders fall 1.1% in September Reuters Highlights: Draghi comments at ECB press conference builderonline.com Luxury Becomes More Expensive in Boston

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