Mortgage Rates at 4 Month Highs. More Volatility Ahead

Mortgage rates rates moved moderately higher today, and while that leaves the average 30yr fixed rate only slightly higher than it was on Tuesday morning (7.09 vs 7.08), it's also the highest rate in almost exactly 4 months. In a break from recent norms, the bond market didn't take cues from data or election positioning. Instead, it was a massive move in European bond markets (UK specifically) that spilled over to the U.S. in the morning hours. Once European markets were closed for the day, US bond markets improved and many mortgage lenders were able to offer token improvements in mortgage rates. Bonds, which dictate mortgage rates, were ultimately able to log a fairly flat performance versus yesterday. That's the second time this week they've been able to show some signs of resilience, but neither attempt has been very impressive. The lack of conviction isn't surprising given the high stakes events on the horizon. Tomorrow's jobs report could easily send rates sharply higher or lower. Next week's election results and Fed announcement represent similar risks (or opportunities). There's no way to know if these high stakes events will be good or bad for rates--only that the potential reaction is huge. NOTE: 7.09% is quite a bit higher than what you may see in other news stories about mortgage rates today. That would be due to the overreliance on Freddie Mac's weekly rate survey which is still getting caught up with the day to day reality.

October 31, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates at 4 Month Highs. More Volatility Ahead Mortgage rates rates moved moderately higher today, and while that leaves the average 30yr fixed rate only slightly higher than it was on Tuesday morning (7.09 vs 7.08), it's also the highest rate in almost exactly 4 months. In a break from recent n... (read more) MBS Commentary Once Again, Bonds Hangin' Tough Without Much Focus on Data If it weren't for the surge of volume in Treasuries lining up perfectly with economic report release times, one might wonder if traders even care that much about economic data right now. That would be quite the anomaly considering NFP week is t... (read more) Rob Chrisman Hedging, HMDA Compliance, Non-QM Search, QC Tools; Government Program News and Updates I recently went to my favorite local Mexican restaurant, and there was a sign in the window, “Sorry, we are closed due to short staff.” Someone had written below it, “Higher taller staff because I want a taco.” Economics and interest rates were certa... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.09% +0.07% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.09% +0.07 0.00 15 Yr. Fixed 6.48% -0.02 0.00 30 Yr. FHA 6.61% +0.07 0.00 30 Yr. Jumbo 7.16% +0.01 0.00 7/6 SOFR ARM 6.95% +0.05 0.00 30 Yr. VA 6.62% +0.07 0.00 Updates Daily - Last Update: 10/31 15 Yr. Fixed Rate 6.48% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.72% +0.18 0.00 15 Yr. Fixed 5.99% +0.28 0.00 Updates Weekly - Last Update: 10/31 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 99.02 +0.02 Price / Yield Change MBS UMBS 5.5 99.02 +0.02 UMBS 6.0 100.65 +0.01 GNMA 5.5 99.46 +0.08 GNMA 6.0 100.70 -0.02 Pricing as of: 10/31 5:31PM EST 10 Year US Treasury 4.2834 -0.0160 Price / Yield Change US Treasury 2 YR Treasury 4.167 -0.013 5 YR Treasury 4.152 -0.007 7 YR Treasury 4.220 -0.008 10 YR Treasury 4.283 -0.016 30 YR Treasury 4.476 -0.025 Pricing as of: 10/31 5:31PM EST Latest Video NEC Director Lael Brainard: Slowing inflation proves economy is on a very s... Key Fed inflation rate hits 2.1% in September, as expected Chicago PMI falls to 5-month low in October September pending home sales jumped 7.4% as mortgage rates fell Around the Web Marketwatch Echoes of U.K.s 2022 bond crisis weigh on Treasury market ahead of U.S. election CNBC Key Fed inflation rate hits 2.1% in September, as expected Marketwatch Jobless claims retreat for third straight week, hit lowest level since May Eye on Housing Home Price Growth Continued to Slow in August Calculated Risk Blog Fannie and Freddie: Single Family and Multi-Family Serious Delinquency Rates Increased in September Calculated Risk Blog Freddie Mac House Price Index Increased in September; Up 3.6% Year-over-year CNBC U.S. Treasury yields edge higher as traders await key inflation data CNBC Inflation is cooling, yet many Americans are still living paycheck to paycheck Eye on Housing Personal Income Rises 0.3% in September Eye on Housing Multifamily Housing: Distribution, Building Size, and Gross Rent Across Congressional Districts CNBC Pending home sales took an unexpected leap higher last month, but rates are now much higher Calculated Risk Blog Personal Income increased 0.3% in September; Spending increased 0.5% Calculated Risk Blog NAR: Pending Home Sales Increase 7.4% in September; Up 2.6% Year-over-year

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