Mortgage Rates Highest in More Than 2 Weeks

Mortgage rates hit their lowest levels in more than a year and a half last Tuesday as the bond market put the finishing touches on its preparation for the Fed announcement the following day. Since then, rates have been drifting mostly higher with each passing day. As of this past Monday, the average lender was at the highest levels since November 10th and those levels were matched again this afternoon--i.e. technically the highest rates in more than 2 weeks. While that may sounds a little unpleasant, apart from the past 2 weeks, these are still the lowest rates since February 2023, and still sharply lower versus the late 2023 highs or even the highs from just 2 months ago. In many ways, the big drop in rates heading into the middle of September was indeed all about the market getting in position for the Fed's big policy shift. The correction seen since then is understandable and it should run its course fairly soon. The only catch is that economic data has been and will continue to be a bigger driving force for rate momentum than the ebbs and flows surrounding Fed policy decisions. After all, those Fed policy decisions are based on economic data anyway. In that regard, the last two days of this week are the most important as they contain the most relevant economic data. Beyond that, next week is on another level (the highest level, arguably) due to Friday's jobs report--the hardest hitting monthly economic report of them all.

September 25, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Highest in More Than 2 Weeks Mortgage rates hit their lowest levels in more than a year and a half last Tuesday as the bond market put the finishing touches on its preparation for the Fed announcement the following day. Since then, rates have been drifting mostly higher wi... (read more) MBS Commentary Bonds Remain Tentative Without Fresh Supply of Downbeat Data The bond market is in a bit of a lull with any excess buying demand flowing to the shorter end of the yield curve. Meanwhile, the long end has been drifting slightly higher in yield in a fairly consistent way. Interruptions have only come... (read more) Rob Chrisman DPA, Non-QM, Marketing, Investor Auction Products; Webinars and Events to Close Out September “My people skills are fine. It's my tolerance for idiots that needs work.” Fortunately, in our business we have very, very few of those, and certainly none that I’ve seen recently. At the Nebraska Mortgage Association Annual Fall Conference, some of ... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.19% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.19% +0.01 0.00 15 Yr. Fixed 5.55% +0.01 0.00 30 Yr. FHA 5.76% +0.01 0.00 30 Yr. Jumbo 6.40% 0.00 0.00 7/6 SOFR ARM 6.17% +0.01 0.00 30 Yr. VA 5.77% +0.01 0.00 Updates Daily - Last Update: 9/25 15 Yr. Fixed Rate 5.55% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.09% -0.11 0.00 15 Yr. Fixed 5.15% -0.12 0.00 Updates Weekly - Last Update: 9/19 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.44% -0.06 0.54 15 Yr. Fixed 5.88% -0.16 0.68 30 Yr. Jumbo 6.75% +0.07 0.39 Updates Weekly - Last Update: 8/28 MBS / Treasuries UMBS 30YR 5.0 100.01 -0.29 Price / Yield Change MBS UMBS 5.0 100.01 -0.29 UMBS 5.5 101.21 -0.21 GNMA 5.0 100.08 -0.27 GNMA 5.5 100.92 -0.19 Pricing as of: 9/25 5:31PM EST 10 Year US Treasury 3.7896 +0.0606 Price / Yield Change US Treasury 2 YR Treasury 3.557 +0.018 5 YR Treasury 3.525 +0.057 7 YR Treasury 3.649 +0.061 10 YR Treasury 3.790 +0.061 30 YR Treasury 4.147 +0.063 Pricing as of: 9/25 5:31PM EST Latest Video Mortgage refinance boom takes hold, as weekly demand surges 20% Fed's inflation fight may be a bigger battle than we thought, says Morgan S... Bond Report: 5-year auction well received September consumer confidence falls the most in three years Around the Web Marketwatch Finding a job now is harder than any time since the pandemic. Bad omen for the economy? CNBC Americans have an average of $6,300 in credit card debt: Here's how much you'd pay monthly to clear it in 1, 2 or 3 years Marketwatch New-home sales fall 4.7% in August Eye on Housing Homeownership Rates of Family Households CNBC September consumer confidence falls the most in three years Calculated Risk Blog MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk Blog ICE: Mortgage Delinquency Rate Decreased in August Calculated Risk Blog A few comments on the Seasonal Pattern for House Prices CNBC Treasury yields inch higher as investors consider the state of the economy Eye on Housing Consumer Confidence Dips Amid Job Market Concerns Market Watch Home-price growth loses more steam in July, Case Shiller says, but still inches up to new record high CNBC Fed Governor Bowman explains dissent on rate vote, says she's worried about inflation Calculated Risk Blog Case-Shiller: National House Price Index Up 5.0% year-over-year in July; Over last 3 months, FHFA Index has increased at a 0.7% Annual Rate

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