30 Year Fixed
3.09%    +0.06
15 Year Fixed
2.54%    +0.05
10YR Treasury
1.62%    +0.0197
Mortgage Rates Moving Higher Again
May 11, 2021

Mortgage rates had enjoyed a solid little run for almost all of April and again in the first week of May.  By last Thursday, they were at their lowest levels in more than 2 months in many cases.  Even now, they're still closer to those recent lows than to the highs seen at the end of March, but they're definitely higher.  

Rates are primarily driven by trading levels in the bond market.  Those trading levels take a variety of cues, but one of the most basic is that of "supply and demand."  Econ 101 teaches us that higher supply begets lower prices, all other things being equal.  The same is true for bonds.  This week, supply is surging on several fronts with record sizes for Treasury auctions and several large corporate bond offerings.  While neither of these are the same bonds that most directly influence mortgage rates, they are correlated and interdependent enough that mortgage rates ultimately feel the ill effects of increased supply.

In the worst cases, borrowers may see rates that are as much as an eighth of a point higher than they were at times last week (conventional conforming 30yr fixed). Despite the increase most lenders remain in the low 3% to high 2% range for flawless scenarios.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.09% +0.06
15 Yr FRM 2.54% +0.05
FHA 30 Year Fixed 2.64% +0.14
Jumbo 30 Year Fixed 3.15% +0.03
5/1 Yr ARM 2.25% -0.03
Average Mortgage Rates
MBA **
30 Yr. Fixed 3.17% 0.30 -0.03
15 Yr. Fixed 2.55% 0.30 -0.10
30 Yr. Jumbo 3.28% 0.30 -0.06
30 Yr. FHA 3.12% 0.24 -0.03
5/1 ARM 2.59% 0.47 -0.08
Freddie Mac **
30 Yr. Fixed 2.96% 0.60 -0.02
15 Yr. Fixed 2.30% 0.60 -0.01
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.70% 0.30 +0.06
* 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 UMBS 2.0 101.08 -0.08
30YR UMBS 2.5 103.75 -0.14
30YR GNMA 2.0 101.66 -0.34
30YR GNMA 2.5 103.22 -0.55
15YR UMBS 2.0 103.22 -0.13
15YR UMBS 2.5 104.41 0.00
Treasuries
Yield Change
2 YR 0.1588% +0.0040
5 YR 0.7998% +0.0145
10 YR 1.6235% +0.0197
30 YR 2.3529% +0.0266
Prices as of: 5/11/2021 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.
Secondary Marketing Managers:
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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.