Mortgage rates dropped noticeably this morning as financial markets opened sharply changed from Friday's latest levels thanks to Trump trade tweets over the weekend. The stock market dropped to its lowest levels in several weeks before bouncing back as the day progressed. As money flew out of stocks, it found a safe haven in the bond market. Mortgage rates are most directly affected by the bond market, and when demand for bonds increases, rates fall. The average lender was offering its best rates in roughly a month this morning. You'd have to go back to April 10th to see anything lower. And there were multiple lenders offering their lowest rates since April 1st. Rates will remain susceptible to trade-related headlines throughout the week as there isn't much else on the calendar of events (at

May 6, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for May 6, 2019 Lowest Mortgage Rates in a Month Mon, May 6, 2019 4:17PM Mortgage rates dropped noticeably this morning as financial markets opened sharply changed from Friday's latest levels thanks to Trump trade tweets over the weekend. The stock market dropped to its lowest levels in several weeks before bouncing back as the day progressed. As money flew out of stocks, it found a safe haven in the bond market. Mortgage rates are most directly affected by the bond market, and when demand for bonds increases, rates fall. The average lender was offering its best rates in roughly a month this morning. You'd have to go back to April 10th to see anything lower. And th... (read more) Mortgage Rates Hold Ground Despite Stronger Jobs Report Fri, May 3, 2019 5:02PM Mortgage rates were flat today, which is a victory considering the big jobs report was stronger than expected. Typically, labor market strength--especially when seen in this particular report--is bad news for rates, but it didn't happen today. In fact, after a brief initial reaction, the underlying bond market actually improved (which is consistent with slightly lower rates, but it didn't improve quite enough for the average lender to go to the trouble of making that change today). What's up with the paradoxical reaction? Two factors could be in play. First, bonds have spent the past two days ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 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 99.77 +0.18   95.05 100.47 UMBS 30YR 5.5 101.19 +0.16   97.47 101.61 10 YR Treasury 4.051 -0.030   3.706 4.780 MBS Live Week Ahead: Sparse Data, Treasury Auctions, and Trade Tensions Mon, May 6, 2019 8:59AM The week begins with bonds trading in much stronger territory thanks to a surprise US/China trade announcement from Trump over the weekend.  This changes the tone for bonds heading into the week.  Whereas it looked like yields may have be... (read more) MBS Live Recap: Bonds Scratch Out Modest Gains as Traders Book Profits Fri, May 3, 2019 5:28PM Bond traders can book profits on bond purchases by selling, or on bond sales by buying.  Today was characterized by the latter.   Logically, traders bet on higher rates on Wednesday afternoon and again on Thursday morning as Powell delivered a far less friendly message than the most recent Fed statement would suggest.  Whereas the state... (read more) MBS Price Change UMBS 4.5 97.78 +0.15 UMBS 5.0 99.77 +0.18 UMBS 5.5 101.19 +0.16 GNMA 4.5 98.15 +0.13 GNMA 5.0 100.04 +0.22 GNMA 5.5 101.05 +0.16 Pricing as of: 9/18 4:23AM EST US Treasury Yield Change 2 YR Treasury 3.528 -0.036 5 YR Treasury 3.619 -0.037 7 YR Treasury 3.803 -0.037 10 YR Treasury 4.050 -0.031 30 YR Treasury 4.645 -0.043 Pricing as of: 9/18 4:23AM EST Other News Prepayment Rate Surges; Servicers Drop Ball on Retaining Customers Mon, May 6, 2019 8:44AM Prepayment rates historically tend to increase in the spring, but this year they have been exceptionally high. The rate has risen during March in 18 of the past 19 years with an average gain of 21 percent. In its March Mortgage Monitor Black Knight says that prepayment activity increased by a total of 40 percent in February and March and in March alone by 28... (read more) eNote, Underwriting, and Compliance Products; Non-QM and Ginnie Securities Update Mon, May 6, 2019 9:09AM Welcome to May 6th, the anniversary of the first tequila hangover. (Yes, for those of you who wrote, I know that May 5 is not Mexican Independence Day, which is in September.) Much of Northern Mexico is arid, and in the U.S. the Southwest encompasses some of the country’s most arid territory with annual precipitation of less than eight inches per year.... 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