Lowest Rates in 4 Months After Inflation Data

Today brought the scheduled monthly release of the Consumer Price Index (CPI). Of all the monthly economic reports, this one has had the biggest impact on the bond market and mortgage rates for roughly an entire year now. October's CPI (reported November 10th) was the biggest revelation as it was viewed by many as a sign of a shift away from the hyperinflation of 2022. November's report offered no objection and now December's report (today) paints a similar, calmer picture. Inflation has been the biggest source of upward pressure on rates during what has been the fastest rate spike in 40 years. Even if it's merely heading back in the right direction, it's a big win for rates. That winning process has played out over the course of these three CPI reports albeit with some back and forth along the way. The average lender brought rates roughly 0.125% lower today versus yesterday. This makes for conventional 30yr fixed rates in the low 6% range. You'd have to go back exactly 4 months to see anything lower. [thirtyyearmortgagerates]

January 12, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Lowest Rates in 4 Months After Inflation Data Today brought the scheduled monthly release of the Consumer Price Index (CPI). Of all the monthly economic reports, this one has had the biggest impact on the bond market and mortgage rates for roughly an entire year now. October's CPI (... (read more) MBS Commentary Bonds Finally Decide They Liked Today's Inflation Numbers Bonds Finally Decide They Liked Today's Inflation Numbers You won't see too many days with a 10+ bp rally in 10yr yields in response to an economic report coming out right in line with expectations. But... (read more) Rob Chrisman Correspondent, QC Automation, Home Equity, Work Visa Products; No Wells... Now What? Inflation Data Meets Expectations “Thirty years ago, we had Bob Hope, Johnny Cash, and Steve Jobs. Today we have no hope, no cash, and no jobs. We are all praying nothing happens to Kevin Bacon.” “Bringing home the bacon” is something that has become strained for tens of thousands in... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.07% -0.08% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.07% -0.08 0.00 15 Yr. Fixed 5.25% -0.12 0.00 30 Yr. FHA 5.65% -0.10 0.00 30 Yr. Jumbo 5.68% -0.04 0.00 5/1 ARM 6.03% -0.03 0.00 30 Yr. VA 5.70% -0.12 0.00 Updates Daily - Last Update: 1/12 15 Yr. Fixed Rate 5.25% -0.12% Rate Change Points Freddie Mac 30 Yr. Fixed 6.33% -0.15 0.00 15 Yr. Fixed 5.52% -0.21 0.00 Updates Weekly - Last Update: 1/12 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.42% -0.16 0.73 15 Yr. Fixed 5.94% -0.12 0.62 30 Yr. Jumbo 6.09% -0.03 0.66 Updates Weekly - Last Update: 1/11 MBS / Treasuries UMBS 30YR 5.0 100.59 +0.39 Price / Yield Change MBS UMBS 5.0 100.59 +0.39 UMBS 5.5 101.70 +0.31 GNMA 5.0 100.67 +0.31 GNMA 5.5 101.45 +0.22 Pricing as of: 1/12 5:31PM EST 10 Year US Treasury 3.4450 -0.0980 Price / Yield Change US Treasury 2 YR Treasury 4.149 -0.071 5 YR Treasury 3.537 -0.124 7 YR Treasury 3.493 -0.112 10 YR Treasury 3.445 -0.098 30 YR Treasury 3.579 -0.092 Pricing as of: 1/12 5:31PM EST Latest Video Fed President Patrick Harker: 25 basis points will be appropriate going for... It would be premature for the Fed to stop raising rates, says fmr. Fed Vice... Consumer prices fell 0.1% in December, in line with forecasts Investors shouldn't get overly excited over recent CPI data, says Franklin ... Around the Web Brookings Inst. 6 key takeaways from the January CPI report Reuters Fed's Harker ready to downshift to 25 basis-point interest rate hikes CNBC Time for the Fed to declare victory on inflation? Not yet CNBC Consumer prices fell 0.1% in December, in line with expectations from economists Calculated Risk Blog Cleveland Fed: Median CPI increased 0.4% and Trimmed-mean CPI increased 0.4% in November Calculated Risk Blog Lawler: Freddie Mac National Home Price Index Down Again in November; Rents Continued to Slide NYT Fed President Backs Slowdown as Support Mounts for Smaller Rate Move Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 205,000 Calculated Risk Blog Question #2 for 2023: How much will job growth slow in 2023? Or will the economy lose jobs? Calculated Risk Blog Question #3 for 2023: What will the unemployment rate be in December 2023? CNBC Treasury yields dip as investors awaited key inflation data, assessed Fed policy outlook Calculated Risk Blog Question #4 for 2023: What will the participation rate be in December 2023? CNBC European markets head for positive open; U.S. inflation data to come

© 2023 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: newsletter@newslettercollector.com. Go here to UNSUBSCRIBE from this email.