Wed, Aug 23 2023, 5:00 PM
Mortgage rates dropped at the fastest pace in weeks today, but that isn't saying much in and of itself considering rates have only moved lower 3 times...
Tue, Aug 22 2023, 4:43 PM
When it seems that we've only known pain in the mortgage rate world recently, the absence of pain is a welcome relief. Such was the case today with t...
Mon, Aug 21 2023, 3:42 PM
Interest rates are based on trading levels in the bond market. Bond traders began their day looking at significantly weaker levels (i.e. higher yield...
Fri, Aug 18 2023, 4:28 PM
At this point "high rates" are old news. We were already close to hitting the highest levels in more than 20 years last week, so it wasn't a huge surp...
Thu, Aug 17 2023, 3:06 PM
Readers of financial news outside the mortgage industry are accustomed to getting their mortgage rate updates on a weekly basis. This has only recent...
Wed, Aug 16 2023, 4:40 PM
If you could time travel back to October 20th, 2022, you'd find mortgage rates that are just a hair higher than today's at most lenders, but the diffe...
Tue, Aug 15 2023, 3:37 PM
Have you heard the one about higher mortgage rates? It's not a joke, sadly. It's just a thing that keeps happening. The week began with the average...
Mon, Aug 14 2023, 3:16 PM
We've had to use words like "effectively" or "nearly" in the past few weeks to refer to mortgage rates' proximity to the highest levels since November...
Fri, Aug 11 2023, 7:19 PM
This was supposed to be the week where a key inflation report would cast a vote on the fate of interest rate momentum. The vote was ostensibly friendl...
Thu, Aug 10 2023, 5:39 PM
OK, it may be a bit of stretch to consider today's jump a "surge" as it wasn't much bigger than some of the other increases seen in the past few weeks...
Wed, Aug 9 2023, 4:57 PM
Mortgage rates continued to move in a fairly narrow, sideways range on Wednesday--a trend that is very much in line with expectations from last Friday...
Tue, Aug 8 2023, 4:54 PM
Flash back to last Friday. The big jobs report came out and although it wasn't too far from forecasts, it was enough for the bond market to rally at ...
Mon, Aug 7 2023, 3:21 PM
Mortgage rates are starting out the new week at modestly higher levels compared to last Friday afternoon. The average change is very small. Many bor...
Fri, Aug 4 2023, 5:23 PM
In discussing mortgage rates near 23-year highs yesterday, we asked if there was any hope for relief and concluded that the only question was one of t...
Thu, Aug 3 2023, 4:19 PM
Interest rates of all types have been under immense pressure since the beginning of 2022. This resulted in the the highest mortgage rates in more tha...
Wed, Aug 2 2023, 4:27 PM
Mortgage rates moved higher again today as the underlying bond market digested stronger economic data and details of the U.S. Treasury's increased bor...
Tue, Aug 1 2023, 5:52 PM
For all intents and purposes, the average 30yr fixed rate at the average lender is as high as it's been since November 2022. The number itself as far...
Mon, Jul 31 2023, 3:54 PM
As the new week begins, mortgage rates are almost perfectly in line with those seen on Friday afternoon. Putting that in context, last Thursday and F...
Thu, Jul 27 2023, 4:17 PM
The Fed hiked its policy rate yesterday and now today, mortgage rates jumped quite a bit higher. While there are already headlines drawing a connecti...
Wed, Jul 26 2023, 4:41 PM
As we discussed yesterday, it was entirely possible that today would bring a rate hike from the Fed that coincided with mortgage rates moving LOWER. ...
Tue, Jul 25 2023, 4:37 PM
Mortgage rates moved moderately higher for the average lender at some point over the past 2 days. Some lenders bumped rates yesterday afternoon and t...
Mon, Jul 24 2023, 5:05 PM
It was a fairly uneventful day for mortgage rates for the average lender--at least until the very end of the business day. Mortgage lenders prefer to...
Fri, Jul 21 2023, 4:09 PM
After rising somewhat sharply yesterday, mortgage rates managed to find their footing on Friday's market session. Bonds typically face more volatilit...
Thu, Jul 20 2023, 5:02 PM
Some of today's news says mortgage rates are much lower than last week. And here I am telling you they're higher. Who should you believe? Easy one! ...
Wed, Jul 19 2023, 5:24 PM
Mortgage rates may have spiked to the highest levels in roughly 8 months two weeks ago, but they fully recovered as of last Thursday. Since then, ver...
Mon, Jul 17 2023, 4:27 PM
Mortgage rates jumped a bit higher last Friday after dropping triumphantly during the first four days of the week. That bounce may have cast some dou...
Fri, Jul 14 2023, 3:51 PM
Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation da...
Thu, Jul 13 2023, 5:13 PM
Farther vs further... One is for distance and the other means "additional/additionally." The dictionary may disagree, but only because too many of y...
Wed, Jul 12 2023, 3:47 PM
Mortgage rates had been moving higher fairly rapidly over the past 2 weeks with the average lender easily into the 7% range for a top tier conventiona...
Tue, Jul 11 2023, 3:47 PM
While experts might be able to debate the underlying causes, they can all agree that inflation is the key reason that rates skyrocketed at the fastest...
Mon, Jul 10 2023, 4:10 PM
The most important thing to know about mortgage rates so far this week is that they lived through last week. Living through last week means rates rea...
Fri, Jul 7 2023, 6:10 PM
Until a few weeks ago, it looked like we might have seen the last of 7% mortgage rates, but the last 2 weeks have been brutal. The culprit has been a ...
Thu, Jul 6 2023, 4:51 PM
It seems like just last week (because it was) we were commenting on the extreme LACK of volatility in the mortgage rate landscape. Starting last Thur...
Wed, Jul 5 2023, 3:59 PM
While the mainstream mortgage rate indices continue operating in the mid-to-upper 6% range, actual rates are moving higher into the 7% range by the ti...
Thu, Jun 29 2023, 4:50 PM
Despite other indices showing the average 30yr fixed rate in the 6.7 range, the actual average (after accounting for points) is once again over 7%. W...
Wed, Jun 28 2023, 4:25 PM
The bond market is waiting for bigger news on inflation and the economy, and traders aren't pretending otherwise. Why does that matter? Traders dete...
Tue, Jun 27 2023, 5:25 PM
Tuesday continued the same theme of incredibly modest movement inside an incredibly narrow range. The average lender is still just under 7% for a con...
Mon, Jun 26 2023, 4:03 PM
The average 30yr fixed mortgage rate has been holding just under 7% for the entire month, making June the least volatile month in well over a year. A...
Fri, Jun 23 2023, 5:17 PM
A majority of the housing market data on any given month tends to come out mostly on the same week. This was that week and the takeaway was that the h...
Thu, Jun 22 2023, 4:35 PM
One important disclaimer right upfront: there's no real need to concern yourself with recent day-to-day movement in mortgage rates if your goal is to ...
Wed, Jun 21 2023, 3:43 PM
Any discussion about mortgage rates rising or falling in the month of June requires the caveat about the trend being exceptionally flat in the bigger ...
Tue, Jun 20 2023, 4:31 PM
Mortgage rates are primarily driven by changes in the value of certain bonds that trade on the open market. Those bonds (mortgage-backed securities o...
Fri, Jun 16 2023, 6:34 PM
Rates may not be as high as they were several months ago or as low as they were 5 weeks ago, but they're close enough to either boundary that the thre...
Thu, Jun 15 2023, 3:26 PM
Not to be confused with the big monthly jobs report (the one that includes a count of "nonfarm payrolls" as well as the official unemployment rate in ...
Wed, Jun 14 2023, 4:55 PM
As was widely expected, the Federal Reserve held rates steady today. Mortgage rates were also generally steady, but the two have little to do with on...
Tue, Jun 13 2023, 4:10 PM
Tuesday brought an unfriendly paradoxical reaction for rates. Don't worry. We can shift gears to words that make more sense now. Rates began the ...
Mon, Jun 12 2023, 3:59 PM
Mortgage rates drifted slightly higher this morning with the average lender moving up to the highest levels in nearly 2 weeks. Top tier 30yr fixed sc...
Fri, Jun 9 2023, 4:20 PM
In a surprising turn of events, this week's biggest market mover for interest rates was a policy announcement by the Bank of Canada (BOC). The event w...
Thu, Jun 8 2023, 4:19 PM
Economic data is one of the most basic and reliable inputs for the bond market. The bond market, in turn, dictates day to day interest rate movement....
Wed, Jun 7 2023, 4:03 PM
Mortgage rates continue to operate in a fairly narrow range but we've been mostly moving in one direction inside that range so far this month. Late l...
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