Mortgage Rates Are Basically Back to 9-Month Highs

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 as we see it is 7.10 which means most lenders are quoting 7.125% after adjusting for discount points (or just "points" for short). For example, a borrower could opt to pay just over 1% of the loan balance upfront in order to drop the rate to 6.625%. Some lenders are quoting 6.625% with that extra upfront cost. Others are quoting 7.125% without the extra cost. The upward momentum in rates didn't draw on any specific news or developments today. Rather, markets are bracing for impact from upcoming economic data as well as tomorrow's announcement of the latest borrowing amounts from the US Treasury. Treasury issuance matters because Treasuries are one of the most important determining factors for interest rates in the U.S. The more that are issued, the lower the price and the higher the yield/rate. Analysts know the amounts will be going up and markets are nervous and uncertain about the amount of the increase. Once that's resolved, and if the week's remaining economic data paints a cooler picture for the economy, rates could easily recover. On the other hand, if the data is upbeat and if Treasury issuance rises more than expected, the upward momentum will continue.

August 1, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Are Basically Back to 9-Month Highs 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 as we see it is 7.10 which means most lenders are quoting 7.125% after adjusting for discount ... (read more) MBS Commentary Lined Up to Sell at 8:20am, But The 10am Data Should Set The Tone The 8:20am CME Open is such a relevant event for the bond market sometimes that it has its own entry in our knowledge base. On any given morning, it's possible to see traders lined up (figuratively) to buy or sell as soon as 8:20am hits. ... (read more) Rob Chrisman ITIN, AOT, Warehouse, Servicing Products; Rocket Changes, Conventional Conforming News; Fannie's $5 billion Net Income Overheard last night at a bar here in Austin, Texas: “It’s hotter than the hinges to the gates of hell.” Not so hot, as residential lenders know, are volume and mortgage rates (which some believe may drift down during the final five months of 2023). ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.10% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.10% +0.06 0.00 15 Yr. Fixed 6.45% +0.07 0.00 30 Yr. FHA 6.74% +0.06 0.00 30 Yr. Jumbo 7.15% +0.05 0.00 5/1 ARM 6.96% +0.02 0.00 30 Yr. VA 6.75% +0.05 0.00 Updates Daily - Last Update: 8/1 15 Yr. Fixed Rate 6.45% +0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 6.81% +0.03 0.00 15 Yr. Fixed 6.11% +0.05 0.00 Updates Weekly - Last Update: 7/27 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% 0.00 0.65 15 Yr. Fixed 6.37% +0.01 0.75 30 Yr. Jumbo 6.90% +0.01 0.64 Updates Weekly - Last Update: 7/26 MBS / Treasuries UMBS 30YR 5.5 98.86 -0.39 Price / Yield Change MBS UMBS 5.5 98.86 -0.39 UMBS 6.0 100.30 -0.23 GNMA 5.5 98.95 -0.11 GNMA 6.0 100.19 0.00 Pricing as of: 8/1 6:16PM EST 10 Year US Treasury 4.0370 +0.0700 Price / Yield Change US Treasury 2 YR Treasury 4.906 +0.021 5 YR Treasury 4.227 +0.043 7 YR Treasury 4.140 +0.055 10 YR Treasury 4.037 +0.070 30 YR Treasury 4.101 +0.087 Pricing as of: 8/1 6:16PM EST Latest Video When mortgage rates hit 5% expect a flood of housing inventory, says Compas... Expect recession around year end: JPMorgan's Bob Michele Manufacturing activity contracts for a ninth straight month Red-hot rent market cracks: Rent growth falls below zero Around the Web Marketwatch 'Eye-popping' borrowing need from U.S. Treasury raises risk of buyers' fatigue CNBC Why so many Americans feel trapped in their homes by their low-rate mortgages CNBC The 5 U.S. metro areas with the highest single-family rents 3 are in California CNBC Job openings, layoffs declined in June in a positive sign for the labor market CNBC Job market is undergoing an 'immaculate cooling,' says economist but there are pockets of heat Calculated Risk Blog Asking Rents Negative Year-over-year Calculated Risk Blog CoreLogic: US Annual Home Price Growth Inches Up in June CNBC Banks say conditions for loans to businesses and consumers will keep getting tougher Eye on Housing June Gains in Private Residential Construction Spending Eye on Housing Construction Job Openings Little Changed CNBC Treasury yields hold steady as investors look to key economic data ahead Calculated Risk Blog Construction Spending Increased 0.5% in June CNBC Australia's central bank leaves rates unchanged at 4.1%

© 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.