30 Year Fixed
3.62%    +0.00
15 Year Fixed
3.25%    -0.01
10YR Treasury
1.52%    -0.0154
FNMA 30YR 3.5
102.80    +0.08
FNMA 15YR 2.5
102.55    +0.09
Mortgage Rates Lowest in Nearly a Month
October 4, 2019
Market Summary

Mortgage rates fell nicely this week with modest to moderate gains throughout.  As I noted yesterday, this runs counter to the week's average mortgage rate headline, which claims flat to slightly higher rates versus last week.  Those claims aren't wrong, they just only really apply to Monday and Tuesday of this week versus the same two days last week.  With the benefit of more timely mortgage rate info, we see the average lender at the lowest levels in nearly a month, and steadily closing in on the multi-year lows seen during the first few days of September.

Rates (and many other parts of the financial market) are intently focused on economic data.  Weaker reports on the manufacturing and services sectors helped facilitate most of this week's drop.  Traders will continue reacting to any major reports that are much stronger or weaker than expected.  Next week is fairly light in terms of scheduled data.  That doesn't mean rates won't move, only that they're more susceptible to other cues, like trade war updates and other geopolitical headlines.

30 Year Fixed Rate Mortgage
Week in Review
Rates shown below are based on the 30 Year Fixed Rate Mortgage
Beginning Average: 3.72%
Ending Average: 3.62%
Weekly Change: -0.10%
Yearly Change: -1.17%
Monday, September 30, 2019  :   3.72% (-0.03%)

Mortgage rate movement was fairly uneventful last week.  The bond market (which is most directly responsible for driving day-to-day changes in mortgages rates) was focused on consolidating, meaning the gaps between lows and highs were getting smaller and smaller.  At the same time, there wasn't significant movement in the average trading prices of the bonds that underlie mortgages.  In other words, rates were mostly sideways for much of the week. 

Tuesday, October 1, 2019  :   3.67% (-0.05%)

Mortgage rates were already at their lowest levels in a few weeks by yesterday afternoon--a journey that largely consisted of baby steps.  There have been a few days that have seen more movement than others and today certainly qualified, thanks to an incredibly weak manufacturing report.

 

Wednesday, October 2, 2019  :   3.64% (-0.03%)

Mortgage rates are historically quite low and they managed to continue lower today.  This is in addition to a steady string of improvements that began more than 2 weeks ago.  But whereas other parts of the financial market are making some of the biggest moves in months right now, the mortgage market is barely moving by comparison.  

 

Thursday, October 3, 2019  :   3.62% (-0.02%)

Mortgage rates are much lower today compared to last Thursday, or any other day last week.  Despite that fact, major news outlets--even those dedicated to the mortgage and real estate markets--are running some iteration of a headline claiming rates are flat this week.  

 

Friday, October 4, 2019  :   3.62% (+0.00%)

Mortgage rates fell nicely this week with modest to moderate gains throughout.  As I noted yesterday, this runs counter to the week's average mortgage rate headline, which claims flat to slightly higher rates versus last week.  Those claims aren't wrong, they just only really apply to Monday and Tuesday of this week versus the same two days last week.  With the benefit of more timely mortgage rate info, we see the average lender at the lowest levels in nearly a month, and steadily closing in on the multi-year lows seen during the first few days of September.

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Choice One Mortgage Company
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.62% +0.00
15 Yr FRM 3.25% -0.01
FHA 30 Year Fixed 3.25% +0.00
Jumbo 30 Year Fixed 3.64% -0.01
5/1 Yr ARM 3.36% +0.01
Average Mortgage Rates
Rate Points Change
FHFA *
15 Yr. Fixed 3.79% 1.21 -0.12
30 Yr. Fixed 4.39% 1.12 -0.22
MBA **
30 Yr. Fixed 4.12% 0.38 +0.08
15 Yr. Fixed 3.48% 0.32 +0.06
30 Yr. Jumbo 4.07% 0.21 +0.04
30 Yr. FHA 4.01% 0.28 +0.04
5/1 ARM 3.58% 0.27 +0.02
Freddie Mac **
30 Yr. Fixed 3.65% 0.60 +0.01
15 Yr. Fixed 3.14% 0.50 -0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.38% 0.40 +0.00
* 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 3.0 101.97 +0.17
30YR FNMA 3.5 102.80 +0.08
30YR GNMA 3.0 103.14 +0.14
30YR GNMA 3.5 103.97 +0.06
15YR FNMA 3.0 102.55 +0.09
15YR FNMA 2.5 101.34 +0.13
Treasuries
Yield Change
2 YR 1.4016% +0.0095
5 YR 1.3406% -0.0116
10 YR 1.5187% -0.0154
30 YR 2.0063% -0.0251
Prices as of: 10/4/2019 3:56PM 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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Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month.

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