Mortgage rates moved back up to the higher levels seen earlier this week after the official announcement of a trade deal between the U.S. and the U.K. Most lenders actually began the day fairly close to yesterday's latest levels, but were ultimately forced to raise rates in response to weakness in the bond market.   The rationale for this market reaction can be debated. Some market watchers conclude that a trade deal is simply "good for stocks and bad for bonds" because it's economically bullish. While that sentiment CAN account for some of the movement, it's not the whole story. Bonds (which dictate rates) have specific concerns regarding inflation, foreign demand, and issuance needs. These are high level topics that are beyond the scope of a daily mortgage rate recap, but suffice it to say "rates have a lot on their minds" when it comes to how trade policy shakes out.  Unfortunately, it's sort of a no win situation in the short term.  The only exception would have been a full exemption from tariffs. In the bigger picture, today's mortgage rate increase is unremarkable--sort of average--and it leaves the rate index well below the early April highs, despite being well above the range seen during the month of March.

May 8, 2025 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Move Higher After Trade Deal Mortgage rates moved back up to the higher levels seen earlier this week after the official announcement of a trade deal between the U.S. and the U.K. Most lenders actually began the day fairly close to yesterday's latest levels, but were ultimately... (read more) MBS Commentary Slow Start, Two-Way Trading After Data Bonds mostly lost ground in the overnight session, and then lost just a bit more ground after the 8:30am econ data.  This consisted of Jobless Claims coming in slightly lower than forecast, and Labor Costs rising to 5.7% for Q1 vs 2.0% in Q... (read more) Rob Chrisman Servicer Oversight, Vendor Management, CU Member Mining, VA, Compliance Tools; Tariffs and Remodeling “Why did the homeowner take so long in remodeling his home? He had trouble with da siding.” There are LOs, or correspondent investors, who have spent months or years building up their renovation referral book of business. I am sure that they saw this... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.91% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.91% +0.05 0.00 15 Yr. Fixed 6.22% +0.03 0.00 30 Yr. FHA 6.29% +0.04 0.00 30 Yr. Jumbo 7.02% +0.02 0.00 7/6 SOFR ARM 6.45% 0.00 0.00 30 Yr. VA 6.30% +0.03 0.00 Updates Daily - Last Update: 5/8 15 Yr. Fixed Rate 6.22% +0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 6.76% 0.00 0.00 15 Yr. Fixed 5.89% -0.03 0.00 Updates Weekly - Last Update: 5/8 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.89% -0.01 0.00 15 Yr. Fixed 6.17% -0.03 0.76 30 Yr. Jumbo 6.88% -0.02 0.60 Updates Weekly - Last Update: 4/30 MBS / Treasuries UMBS 30YR 5.5 99.08 -0.03 Price / Yield Change MBS UMBS 5.5 99.10 0.00 UMBS 6.0 100.99 +0.02 GNMA 5.5 99.40 +0.02 GNMA 6.0 100.83 +0.03 Pricing as of: 5/8 9:43PM EST 10 Year US Treasury 4.3799 +0.0029 Price / Yield Change US Treasury 2 YR Treasury 3.870 -0.004 5 YR Treasury 3.981 -0.006 7 YR Treasury 4.169 -0.012 10 YR Treasury 4.374 -0.003 30 YR Treasury 4.832 -0.001 Pricing as of: 5/8 9:43PM EST Latest Video Fed's Powell: In hindsight, we could have tapered QE earlier Consumer spending up in April: CNBC/NRF Retail Monitor Wholesale inventories grow slightly less than expected Fed's Powell: There's so much uncertainty around the scale, scope, timing a... Around the Web Marketwatch Trump rolls out U.K. trade agreement. It's a relief - but deals with other countries are more crucial. Calculated Risk Blog Realtor.com Reports Most Actively "For Sale" Inventory since 2019 CNBC Bank of England cuts interest rates: Here's what it means for your money FXStreet US: Initial Jobless Claims dropped to 228K last week CNBC Weekly mortgage demand suddenly surges, despite lingering economic uncertainty Eye on Housing Fed Remains on Pause with Rising Uncertainty Calculated Risk Blog Hotels: Occupancy Rate Increased 1.8% Year-over-year CNBC Treasury yields rise as investors await first trade deal on tariffs Eye on Housing Multifamily Developer Confidence Falls in the First Quarter Forex Live The fiscal hawks are fighting back on the budget bill Calculated Risk Blog 1st Look at Local Housing Markets in April CNBC Treasury yields inch higher as investors await Fed's interest rate decision Calculated Risk Blog Wholesale Used Car Prices Increased in April; Up 4.9% Year-over-year

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