Mortgage Rates Modestly Lower For 2nd Day in a Row

While weekly mortgage rate indices are pointing out the sharp jump from last Wednesday's levels, daily rates have fallen twice in a row. The peak was on Tuesday after the Consumer Price Index sent rates to the highest levels in more than 2 months. Yesterday's drop left us feeling cautious. Today's was more grounded by relevant underlying events. Specifically, the day's most important economic data--retail sales--came in weaker than expected. That sounds like a bad thing, and it is if you're the U.S. economy, but what's bad for the economy is typically good for rates. Retail Sales was far enough below forecasts that the bond market (bonds dictate day to day rate movement) improved immediately and noticeably. This allowed the average mortgage lender to easily offer moderately lower rates compared to yesterday. All told, the improvements over the past 2 days have erased roughly half of the increase versus last week, but the average lender remains just above 7% for a top tier conventional 30yr fixed.

February 15, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Modestly Lower For 2nd Day in a Row While weekly mortgage rate indices are pointing out the sharp jump from last Wednesday's levels, daily rates have fallen twice in a row. The peak was on Tuesday after the Consumer Price Index sent rates to the highest levels in more than 2 mont... (read more) MBS Commentary Turns Out Retail Sales Data is Not Invincible Apart from CPI and NFP there are only a handful of other reports that truly deserve to be considered supporting actors in the current bond market drama. Retail Sales is one of them. The report has generally been a thorn in the bond market... (read more) Rob Chrisman Hedging, Renovation, Home Equity, Accounting Products; U.S. Population Stats; Fannie Earnings of $3.9 Billion In my travels I’ve eaten some unusual foods, although maybe not this unusual, but here in Boise the talk is about how unusual it is that applications and locks have suddenly shot up in the last several business days. It is nice to hear and see the hu... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.03% -0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.03% -0.06 0.00 15 Yr. Fixed 6.47% -0.02 0.00 30 Yr. FHA 6.52% -0.03 0.00 30 Yr. Jumbo 7.35% -0.04 0.00 5/1 ARM 6.75% -0.12 0.00 30 Yr. VA 6.55% -0.03 0.00 Updates Daily - Last Update: 2/15 15 Yr. Fixed Rate 6.47% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% +0.13 0.00 15 Yr. Fixed 6.12% +0.22 0.00 Updates Weekly - Last Update: 2/15 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.87% +0.07 0.65 15 Yr. Fixed 6.53% +0.12 0.94 30 Yr. Jumbo 7.00% +0.12 0.39 Updates Weekly - Last Update: 2/14 MBS / Treasuries UMBS 30YR 5.5 99.02 +0.20 Price / Yield Change MBS UMBS 5.5 99.02 +0.20 UMBS 6.0 100.44 +0.13 GNMA 5.5 99.44 +0.19 GNMA 6.0 100.48 +0.06 Pricing as of: 2/15 5:31PM EST 10 Year US Treasury 4.2460 -0.0150 Price / Yield Change US Treasury 2 YR Treasury 4.585 +0.003 5 YR Treasury 4.225 -0.020 7 YR Treasury 4.254 -0.017 10 YR Treasury 4.246 -0.015 30 YR Treasury 4.425 -0.014 Pricing as of: 2/15 5:31PM EST Latest Video The market is too optimistic about a rebound in home improvement, says Oppe... Former Commerce Secretary Carlos Gutierrez: Rate of inflation is down, but ... Retail sales tumbled 0.8% in January, much more than expected December business inventories rise 0.4%, meeting estimates Around the Web The Basis Point Why 6.625% Is An Affordable Mortgage Rate In 2024 CNBC Younger generations have gained more wealth than other age groups since 2019, study says CNBC Retail sales tumbled 0.8% in January, much more than expected CNBC Deflation: Here's where prices fell in January 2024, in one chart Eye on Housing Builder Sentiment Posts Third Consecutive Monthly Gain Marketwatch U.S. industrial output remains soft in January Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-February 2024 Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 212,000 Marketwatch Fed's Goolsbee says some high monthly inflation readings won't knock his confidence Federal Reserve FEDS Paper: Land development and frictions to housing supplyover the business cycle Calculated Risk Blog Fannie "Real Estate Owned" inventory Decreased in Q4 2023 Calculated Risk Blog Industrial Production Decreased 0.1% in January Eye on Housing Single-Family and Multifamily Permits Down in 2023

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