Mortgage Rates Jump up to 23-Year Highs

Rates moved only moderately higher on Wednesday after the Fed rocked the bond market with its updated rate forecasts. To reiterate yesterday's analysis, it's not that the market is expecting the Fed to be accurate in those forecasts. Rather, the forecasts help investors understand how the Fed's approach will be calibrated going forward. In simpler terms, the Fed doesn't think rates are too high right now. If anything, they might need to go higher. Moreover, they won't go lower until economic data really starts to deteriorate in a compelling way. Unfortunately, this morning's most relevant economic report didn't deteriorate at all (weekly jobless claims were 201k versus a median forecast of 225k). Actually, it's fortunate for the economy, but unfortunate for interest rates. Between the data and the overnight momentum in overseas markets, bonds are at their weakest levels in years. Mortgage-backed securities (the bonds that dictate mortgage rates) didn't swoon quite as much as Treasuries, but as of today, it was just enough to push the average mortgage lender almost perfectly back in line with the highest 30yr fixed rate of the past 23 years.

September 21, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Jump up to 23-Year Highs Rates moved only moderately higher on Wednesday after the Fed rocked the bond market with its updated rate forecasts. To reiterate yesterday's analysis, it's not that the market is expecting the Fed to be accurate in those forecasts. Rath... (read more) MBS Commentary New Yield Highs After Post-Fed Follow-Through and Econ Data New Yield Highs After Post-Fed Follow-Through and Econ Data Any time the market goes to sleep on a Fed day in the midst of a big move, there's a stronger than average possibility that overseas markets will ad... (read more) Rob Chrisman DPA, CRM, QC, Asset Management Products; Deep Look at Housing and Rates: Not for the Faint-Hearted Who can think of September 21st without thinking about Earth, Wind, and Fire? Yesterday I was on a United Airlines flight out of San Francisco to Savannah, in Row 14. There was no row 13… but I knew what row I was really in! Speaking of numbers, obvi... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.47% +0.14% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.47% +0.14 0.00 15 Yr. Fixed 6.75% +0.10 0.00 30 Yr. FHA 6.90% +0.12 0.00 30 Yr. Jumbo 7.40% +0.03 0.00 5/1 ARM 7.15% +0.06 0.00 30 Yr. VA 6.92% +0.15 0.00 Updates Daily - Last Update: 9/21 15 Yr. Fixed Rate 6.75% +0.10% Rate Change Points Freddie Mac 30 Yr. Fixed 7.19% +0.01 0.00 15 Yr. Fixed 6.54% +0.03 0.00 Updates Weekly - Last Update: 9/21 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.16% +0.07 0.68 15 Yr. Fixed 6.57% +0.06 0.94 30 Yr. Jumbo 7.11% +0.07 0.55 Updates Weekly - Last Update: 8/16 MBS / Treasuries UMBS 30YR 6.0 99.02 -0.31 Price / Yield Change MBS UMBS 6.0 99.02 -0.31 GNMA 6.0 99.33 -0.30 Pricing as of: 9/21 5:31PM EST 10 Year US Treasury 4.4980 +0.0990 Price / Yield Change US Treasury 2 YR Treasury 5.148 -0.024 5 YR Treasury 4.621 +0.049 7 YR Treasury 4.585 +0.073 10 YR Treasury 4.498 +0.099 30 YR Treasury 4.580 +0.140 Pricing as of: 9/21 5:31PM EST Latest Video Compass CEO: There are more buyers than sellers, and inventory levels have ... Former Fed Governor Daniel Tarullo: I'm a little concerned the Fed has been... Bond Report: Rising Treasury yields Existing home sales fell 0.7% in August Around the Web Eye on Housing Existing Home Sales Hit 7-Month Low as Prices Keep Rising CNBC Credit card rates are practically in loan shark territory as they hit record highs, advisor says CNBC Some student loan borrowers have extra time before payments restart. Here's why CNBC Home prices are expected to rise in 2024: 'There are simply not enough homes' to meet demand, says economist CNBC Home sales stick near recent lows in August, but prices continue to climb CNBC Fed declines to hike, but points to rates staying higher for longer Calculated Risk Blog Realtor.com Reports Weekly Active Inventory Down 4.4% YoY; New Listings Down 6.0% YoY CNBC Treasury yields extend multi-year highs as investors digest Fed rate decision CNBC Fed signals it will raise rates one more time this year before it ends hiking campaign CNBC Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 201,000 Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.04 million SAAR in August CNBC Swiss National Bank holds rates unchanged, ending hike streak

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