There are still 4 business days left in the month of February and thus still 4 days for the bond market to undergo an epic recovery that helps mortgage rates come back down. But traders and market-watchers alike have pined for--if not outright expected--such a recovery several times in the past few weeks only to be disappointed . Merely avoiding additional rate spikes would be a victory at this point. Even if we can manage to avoid further rate spikes, February will still go down as the worst month for rates since January 2018 (March 2020 was worse at face value, but it's not really a fair comparison due to the unprecedented bond market reaction to the pandemic). Some back-of-the-napkin math (OK, it's actually more official than that) shows the average lender charging at least a quarter of

February 24, 2021 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.25% -0.04%   6.11% 7.26% 15 Yr. Fixed 5.71% -0.01%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Feb 24, 2021 February Easily The Worst Month For Rates in Long Time Mon, Feb 22, 2021 6:06PM There are still 4 business days left in the month of February and thus still 4 days for the bond market to undergo an epic recovery that helps mortgage rates come back down. But traders and market-watchers alike have pined for--if not outright expected--such a recovery several times in the past few weeks only to be disappointed . Merely avoiding additional rate spikes would be a victory at this point. Even if we can manage to avoid further rate spikes, February will still go down as the worst month for rates since January 2018 (March 2020 was worse at face value, but it's not really a fair com... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.25% -0.04 0.00 15 Yr. Fixed 5.71% -0.01 0.00 30 Yr. FHA 5.99% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.64% -0.01 0.00 30 Yr. VA 6.01% 0.00 0.00 Updates Daily - Last Update: 9/15 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.5 101.30 +0.17   97.47 101.61 UMBS 30YR 6.0 102.45 +0.06   99.66 102.50 10 YR Treasury 4.037 -0.030   3.621 4.780 MBS Live Recap: Is It Another Trap and Which Coupon Do I Watch Now? Wed, Feb 24, 2021 4:18PM Is It Another Trap and Which Coupon Do I Watch Now? Yesterday's bond market resilience offered hope for a bounce, but those hopes were crushed by new weakness this morning.  The move took MBS to their worst levels since last March and Treasuries, since February 2020.  Bonds recovered mid-day, begg... (read more) MBS Price Change UMBS 5.0 99.90 +0.27 UMBS 5.5 101.29 +0.16 UMBS 6.0 102.45 +0.05 GNMA 5.0 100.24 +0.24 GNMA 5.5 101.22 +0.09 GNMA 6.0 101.98 -0.03 Pricing as of: 9/15 6:05PM EST US Treasury Yield Change 2 YR Treasury 3.537 -0.016 5 YR Treasury 3.600 -0.030 7 YR Treasury 3.792 -0.024 10 YR Treasury 4.040 -0.026 30 YR Treasury 4.661 -0.021 Pricing as of: 9/15 6:05PM EST Other News Mortgage Application Volume Continues Decline Wed, Feb 24, 2021 8:43AM The volume of mortgage applications for both home purchase and refinancing fell for the third straight time during the week ended February 19. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of that volume, dropped 11.4 percent on a seasonally adjusted basis. It was the largest single week decline since the week ended April ... (read more) December Home Price Gains Highest Since 2014 Tue, Feb 23, 2021 11:25AM Both the S&P CoreLogic Case-Shiller and The Federal Housing Finance Agency (FHFA) report that the country ended the year with more than a 10 percent annual increase in home prices. The Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, showed a year-over-year gain of 10.4 percent in December while FHFA put the incre... (read more) Existing Home Sales Rise, But Inventories Hamper Results Fri, Feb 19, 2021 11:42AM Existing home sales started the 2021 with a small increase from the December sale levels, the second consecutive monthly gain. The National Association of Realtors® (NAR) said transactions that include pre-owned single-family homes, townhomes, condominiums, and co-ops, increased 0.6 percent in January to a seasonally adjusted annual rate of 6.69 million ... (read more) MLO Jobs; Servicing, Customer Service, Decisioning, Retention Tools; Events and Training This Week Wed, Feb 24, 2021 9:02AM There’s a cost to staying at home as much as we do. I went to the doctor the other day. She told me, “I’ve got good news and bad news. The good news is that your weight is perfect. The bad news is that you’re two feet too short.” What is the cost of you keeping a customer versus the cost of finding a new one? According to STRATM... (read more) Latest Video Bond markets react to Powell comments on Capitol Hill Powell confirmed growing optimism for economic recovery: Expert New home sales jump 4.3% in January, vs. 0.9% expected Fed Chair Jerome Powell: Fed will communicate progress toward goals Around the Web Reuters Fedwire resumes operations after hourslong disruption CNBC Biden administration may undo certain Trump-era mortgage rules Calculated Risk Blog AIA: "Architecture Billings continue to contract" in January Reuters Wall Street regains footing after Powell calms inflation jitters Calculated Risk Blog A few Comments on January New Home Sales CNBC Watch live: Fed Chair Powell testifies before House panel Reuters U.S. House plans vote on COVID-19 aid bill on Friday CNBC European markets mostly higher as investors digest Fed outlook, German data CNBC Treasury yields rise slightly ahead of Fed Chair Powell's second congressional testimony Reuters Is Fed Chair Powell 'cool' with more fiscal aid? 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