Mortgage Rates Move Back Above 7%

Today's headline is the most dramatic part of today's story on mortgage rates. The average top tier 30yr fixed rate has been mostly operating in a 6-7% range since September 2022. There were several weeks in the low to mid 7s in Oct/Nov and a few days in early March. Then the mini banking crisis unfolded and ushered rates to the bottom of the range. Ever since then, 7% has been working it's way back to you, babe. Credit the progressive improvement in bank sentiment, mixed but resilient economic data, and a Federal Reserve that has been steadfast in its reminders about their "higher for longer" rate mantra. The debt ceiling debate is ongoing background noise, and while it may cause intraday volatility, it isn't something that will provide any lasting interest rate momentum, for better or worse. Rates were already quite close to 7% yesterday and today merely provided a gentle nudge. Interestingly enough, the underlying bond market currently suggests lenders would be able to drop back below 7% tomorrow, but only if current trading levels hold until then (they almost never do). [thirtyyearmortgagerates]

May 23, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Move Back Above 7% Today's headline is the most dramatic part of today's story on mortgage rates. The average top tier 30yr fixed rate has been mostly operating in a 6-7% range since September 2022. There were several weeks in the low to mid 7s in Oct/Nov a... (read more) MBS Commentary Debt Ceiling Finally Having an Impact Debt Ceiling Finally Having an Impact After several weeks in the news cycle spotlight, the debt ceiling is finally starting to have a visible impact on the longer-term bond market (and stocks). The reac... (read more) Rob Chrisman Servicing, POS, Marketing, Fulfillment, Pricing Engine Products; FHA, VA, USDA, Ginnie News Does your company have a decent product for a borrower who crowd-funded their down payment? How about a house with a granny unit in the back? Trends in lending and real estate, right? How about anyone who is buying a place to live in a converted offi... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.01% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.01% +0.06 0.00 15 Yr. Fixed 6.30% +0.05 0.00 30 Yr. FHA 6.65% +0.03 0.00 30 Yr. Jumbo 6.60% +0.03 0.00 5/1 ARM 6.88% 0.00 0.00 30 Yr. VA 6.63% +0.01 0.00 Updates Daily - Last Update: 5/23 15 Yr. Fixed Rate 6.30% +0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.39% +0.04 0.00 15 Yr. Fixed 5.75% 0.00 0.00 Updates Weekly - Last Update: 5/18 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.57% +0.09 0.61 15 Yr. Fixed 5.96% +0.05 0.68 30 Yr. Jumbo 6.46% +0.13 0.38 Updates Weekly - Last Update: 5/17 MBS / Treasuries UMBS 30YR 5.0 98.31 +0.02 Price / Yield Change MBS UMBS 5.0 98.31 +0.02 UMBS 5.5 99.84 0.00 GNMA 5.0 98.58 0.00 GNMA 5.5 99.81 -0.02 Pricing as of: 5/23 5:31PM EST 10 Year US Treasury 3.6960 -0.0250 Price / Yield Change US Treasury 2 YR Treasury 4.320 0.000 5 YR Treasury 3.744 -0.021 7 YR Treasury 3.716 -0.029 10 YR Treasury 3.696 -0.025 30 YR Treasury 3.949 -0.019 Pricing as of: 5/23 5:31PM EST Latest Video New home sales rose 4.1% in April Los Angeles office vacancy rate spikes amid commercial real estate market s... Bond Report: Bonds and yields moving higher Bond market volatility will continue as Fed rate hike decision looms, says ... Around the Web Calculated Risk Blog New Home Sales at 683,000 Annual Rate in April; Median New Home Price is Down 15.3% from the Peak CNBC BlackRock bond chief Rieder says U.S. economy in 'much better shape than doomsayers say CNBC Former Fed Chair Ben Bernanke says there's more work ahead to control inflation Calculated Risk Blog New Home Sales at 683,000 Annual Rate in April Eye on Housing Multifamily Built-for-Rent Share Remains Elevated Calculated Risk Blog Final Look at Local Housing Markets in April Eye on Housing New Single-Family Home Size Trending Lower Wall Street Journal Europe's Economy Cools Down as Interest-Rate Rises Bite CNBC Fed's Kashkari says a June pause on rates wouldn't indicate an end to hiking cycle CNBC 2-year Treasury yield rises as investors assess U.S. economic outlook CNBC Treasury yields tumble as investors weigh debt ceiling talks, Fed rate policy Calculated Risk Blog Housing May 22nd Weekly Update: Inventory Increased 0.9% Week-over-week Realtor.com Good News for Homebuyers: Investors May Be Calling It Quits in a Pricey Housing Market

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