30 Year Fixed
4.15%    +0.00
15 Year Fixed
3.90%    +0.00
10YR Treasury
2.40%    +0.0018
FNMA 30YR 3.5
101.23    -0.02
FNMA 15YR 2.5
100.81    -0.03
Mortgage Rates End Week Near Long-Term Lows
May 17, 2019

Wednesday was the best day this week for Mortgage rates with the average lender at the lowest levels in more than a month and very close to the lowest levels in more than a year.  Things changed on Thursday with rates moving up slightly.  That said, Thursday would have been the best day in more than a month had it not been for Wednesday!

Friday brought effectively no change to Thursday's levels, thus keeping the average lender very close to long-term lows.  In fact, the average loan quote won't have changed in terms of the quoted interest rate during the past 3 days--only in terms of the upfront costs.  In other words, APR would be slightly higher while the payment rate itself would be unchanged (APR factors certain upfront costs into a total cost of financing). 

In the bigger picture, rates have had a pretty good run since mid-April--so good that investors may be looking for a bit of a bounce before they're open to exploring any additional improvements from here.  Next week doesn't offer much to help flesh out the bigger picture with only a few economic reports and the Minutes from the most recent Fed meeting to offer guidance.  Apart from that, rates may take cues from stocks or various news headlines surrounding trade and other geopolitical issues.


Loan Originator Perspective

Bond markets weathered small AM losses following an unexpectedly strong Consumer Sentiment survey today, regaining their footing in PM trading.  Rates are still very near their 1 year rate lows.  I'm locking clients closing within 30 days, going case by case for those with slightly longer lead times. -Ted Rood, Senior Originator


Today's Most Prevalent Rates

  • 30YR FIXED - 4.0-4.125
  • FHA/VA - 4.0%
  • 15 YEAR FIXED - 3.875% 
  • 5 YEAR ARMS -  3.875-4.25% depending on the lender


Ongoing Lock/Float Considerations
 

  • Early 2019 saw a rapid reevaluation of big-picture trends in rates and in markets in general

  • The Federal Reserve has been a key player, and while they aren't the ones pulling the global economic strings, their response to the economy has helped rates fall more quickly than they otherwise might.

  • Based on the Fed's laundry list of concerns, the bond market (which determines rates) will be watching economic data closely, both at home and abroad.  The stronger the data, the more rates could rise, while weaker data could lead to new long-term lows.  
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 4.15% +0.00
15 Yr FRM 3.90% +0.00
FHA 30 Year Fixed 4.00% +0.00
Jumbo 30 Year Fixed 4.07% -0.01
5/1 Yr ARM 4.06% +0.00
Average Mortgage Rates
Rate Points Change
FHFA *
15 Yr. Fixed 4.22% 1.43 -0.12
30 Yr. Fixed 4.78% 1.18 -0.20
MBA **
30 Yr. Fixed 4.67% 0.00 +0.02
15 Yr. Fixed 0.00% 0.00 -4.00
30 Yr. Jumbo 0.00% 0.00 -4.40
30 Yr. FHA 0.00% 0.00 -4.64
5/1 ARM 0.00% 0.00 -3.95
Freddie Mac **
30 Yr. Fixed 4.07% 0.50 -0.03
15 Yr. Fixed 3.53% 0.40 -0.04
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.66% 0.40 +0.03
* 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 99.25 0.00
30YR FNMA 3.5 101.23 -0.02
30YR GNMA 3.0 100.45 0.00
30YR GNMA 3.5 102.14 -0.05
15YR FNMA 3.0 100.81 -0.03
15YR FNMA 2.5 99.22 -0.02
Treasuries
Yield Change
2 YR 2.2002% +0.0059
5 YR 2.1762% +0.0049
10 YR 2.3962% +0.0018
30 YR 2.8261% -0.0070
Prices as of: 5/17/2019 4:02PM EST
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month.  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.