Mortgage Rates Back Above 7%

Even though Tuesday's consumer-oriented inflation report (CPI) had the biggest potential to cause drama for rates, it was today's wholesale inflation report that did the most damage. The Producer Price Index (PPI) showed wholesale inflation running hotter than expected by quite a wide margin overall (0.6% month-over-month versus a median forecast of 0.3%). Even after stripping out more volatile food and energy prices (i.e. "core" inflation), PPI was up 0.3% versus forecasts of 0.2%. These might seem like small numbers, but keep in mind that the Fed's inflation target is 2.0% annually at the core level. Core readings of 0.4% in CPI and 0.3% in PPI pencil out to 4.8% and 3.6% respectively. Inflation is the biggest concern for interest rates, so it's no surprise to see rates moving higher. Today's increase brings the average to tier, conventional, 30yr fixed rate back above 7% for the first time in a week.

March 14, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Back Above 7% Even though Tuesday's consumer-oriented inflation report (CPI) had the biggest potential to cause drama for rates, it was today's wholesale inflation report that did the most damage. The Producer Price Index (PPI) showed wholesale inflation running ... (read more) MBS Commentary 2 Out of 3 Reports Agree Rates Should be Higher Today Apart from Tuesday (CPI day), today is this week's next biggest deal in terms of scheduled economic data. The trifecta included Jobless Claims, PPI, and Retail Sales. Of these, Retail Sales has been the bigger market mover on average, but... (read more) Rob Chrisman Hedging, Multi-Family Servicing, CU Appraisal, Imaging, POS Tools; Conventional Conforming News Fun with numbers: Did you know that, at age 22, Billie Eilish has won twice as many Oscars (2) than 80-year-old Martin Scorsese (1)? (And yes, Samuel L. Jackson, Tom Cruise, and Johnny Depp have won a cumulative total of 0.) Lenders and vendors didn’... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.08% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.08 0.00 15 Yr. Fixed 6.55% +0.09 0.00 30 Yr. FHA 6.50% +0.06 0.00 30 Yr. Jumbo 7.33% +0.08 0.00 7/6 SOFR ARM 6.69% +0.09 0.00 30 Yr. VA 6.52% +0.06 0.00 Updates Daily - Last Update: 3/14 15 Yr. Fixed Rate 6.55% +0.09% Rate Change Points Freddie Mac 30 Yr. Fixed 6.74% -0.14 0.00 15 Yr. Fixed 6.16% -0.06 0.00 Updates Weekly - Last Update: 3/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% -0.18 0.65 15 Yr. Fixed 6.37% -0.29 0.77 30 Yr. Jumbo 7.04% -0.17 0.38 Updates Weekly - Last Update: 3/13 MBS / Treasuries UMBS 30YR 5.5 98.97 -0.50 Price / Yield Change MBS UMBS 5.5 98.97 -0.50 UMBS 6.0 100.52 -0.38 GNMA 5.5 99.38 -0.44 GNMA 6.0 100.55 -0.33 Pricing as of: 3/14 5:31PM EST 10 Year US Treasury 4.2920 +0.1040 Price / Yield Change US Treasury 2 YR Treasury 4.694 +0.062 5 YR Treasury 4.292 +0.099 7 YR Treasury 4.303 +0.102 10 YR Treasury 4.292 +0.104 30 YR Treasury 4.434 +0.093 Pricing as of: 3/14 5:31PM EST Latest Video The likelihood of fewer than three rate cuts in 2024: Here's what you need ... Interest rates definitely have an impact on affordability, says Lennar Co-C... The economic data haven't been 'as bad as expected', says Regions Bank CIO ... Commercial real estate experienced stages of grief, 'now we're at acceptanc... Around the Web CNBC Here's when the Fed is likely to start cutting interest rates, according to investment strategists CNBC Wholesale inflation rose 0.6% in February, more than expected Eye on Housing Rising Auto Loan Debt, Declining Student Loans for 4Q23 Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-March 2024 Calculated Risk Blog Realtor.com Reports Active Inventory UP 21.7% YoY; New Listings up 15.8% YoY Eye on Housing Producer Prices Up in February CNBC Deflation: Here's where prices fell in February 2024 in one chart Calculated Risk Blog Retail Sales Increased 0.6% in February CNBC This week provided a reminder that inflation isn't going away anytime soon Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 209,000 CNBC Treasury yields inch higher as investors await wholesale inflation data CNBC European Central Bank chief economist says we need to 'take our time' to get rate cuts right CNBC Renters face a competitive spring market: What to know about 3 kinds of properties you may see

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