30 Year Fixed
3.01%    +0.00
15 Year Fixed
2.46%    +0.01
10YR Treasury
0.76%    +0.0134
FNMA 30YR 3.5
105.45    +0.02
FNMA 15YR 2.5
104.72    +0.03
Mortgage Rates Flat to Begin The Week--Still Not At All Time Lows
October 19, 2020

For some unknown reason, there were additional articles over the weekend touting "all-time low mortgage rates."  Underpinning these alleged rates is primary data that was released on Wednesday and Thursday last week.  In short, the two weekly survey-based mortgage rate indices agreed that best-case-scenario rates were at all-time lows.  To be fair, they're not terribly far off base.  "Best-case scenario" rates are indeed pretty close to all time lows.  The methodology limitations of the surveys could easily explain how they each missed the actual all-time lows that occurred in early August and are thus seeing slightly lower rates now.

But do keep in mind that a refinance transaction can no longer be viewed as a best-case scenario due to the new adverse market fee applied to all almost all refis.  In short, purchase rates are pretty close to all-time lows (but definitely not all the way back there yet) and refi rates are clearly well above all-time lows.  How far above?  That depends on the lender, but using a few of the most prevalent lenders as examples, each of them has refi rates that are at least 0.25% higher than they were on August 4th. 

The bond market (which underlies day-to-day rate movement) started the week off on a downbeat note.  Losses weren't huge, but they were disappointing nonetheless considering the big losses in stocks.  Oftentimes, big stock losses will lead investors to move money into safe havens (like bonds).  The excess demand for bonds makes bond prices go up which, in turn, causes yields (aka "rates") to fall.  But we got none of that today from the stock sell-off.  This could be a sign that rates will continue to be reluctant to move lower until some of the uncertainties in the road ahead are cleared up.

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.01% +0.00
15 Yr FRM 2.46% +0.01
FHA 30 Year Fixed 2.38% -0.03
Jumbo 30 Year Fixed 3.35% +0.01
5/1 Yr ARM 2.80% +0.01
Average Mortgage Rates
Rate Points Change
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA **
30 Yr. Fixed 3.01% 0.37 -0.04
15 Yr. Fixed 2.59% 0.36 -0.06
30 Yr. Jumbo 3.31% 0.30 -0.02
30 Yr. FHA 3.12% 0.32 -0.03
5/1 ARM 2.80% 0.34 -0.15
Freddie Mac **
30 Yr. Fixed 2.81% 0.60 -0.06
15 Yr. Fixed 2.35% 0.50 -0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.90% 0.20 +0.01
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
Price Change
30YR UMBS 3.0 104.53 -0.05
30YR UMBS 3.5 105.45 +0.02
30YR GNMA 3.0 103.89 -0.02
30YR GNMA 3.5 105.08 +0.86
15YR UMBS 3.0 104.72 +0.03
15YR UMBS 2.5 104.02 -0.03
Yield Change
2 YR 0.1471% +0.0000
5 YR 0.3313% +0.0064
10 YR 0.7623% +0.0134
30 YR 1.5462% +0.0114
Prices as of: 10/19/2020 3:53PM 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.