Mortgage Rates Now Well Into 7% Range

While the mainstream mortgage rate indices continue operating in the mid-to-upper 6% range, actual rates are moving higher into the 7% range by the time we account for the additional costs required to get the average lender into the high 6's. In other words, a 30yr fixed rate in the 6's is most often seen with the addition of upfront costs to buy down the rate these days. Because those upfront costs can vary from scenario to scenario, our index accounts for them in the rate itself, thus allowing us to track just one number that is always able to be compared to other points in the past. At the moment, there are only a few days in the recent past (May 25th and 26th) that have seen rates any higher than todays. Before that, you'd have to go back at least another 2 months. Even then, you wouldn't get to obviously higher rates until late 2022. Today's increase wasn't that big in and of itself. It simply added on to a losing streak that began last Thursday after several economic reports suggested more resilience than expected. In general, an unexpectedly resilient economy puts upward pressure on rates. Fears about "more of the same" could be behind some of today's weakness as the next two days bring several important economic reports. Ultimately, inflation and the economy will determine when the tide turns for rising rate momentum.

July 5, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Now Well Into 7% Range While the mainstream mortgage rate indices continue operating in the mid-to-upper 6% range, actual rates are moving higher into the 7% range by the time we account for the additional costs required to get the average lender into the high 6's. I... (read more) MBS Commentary Bonds Brace For Impact From Data Bonds Brace For Impact From Data Bonds sold off somewhat abruptly on Wednesday with little by way of overt justification. While it's true that the Fed released the Minutes of its most recent meeting (3 ... (read more) Rob Chrisman Profitability Analysis, Closed-End 2nd Products; Ginnie Ticket Primer for Government Program Lenders Hey, I’ve got news for you: 2023 is half over. Sometimes reality bites, and vendors and lenders can’t sit there, wringing their hands, waiting for things to get better on their own. Are lenders suddenly going to make huge margins on lots of volume in... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.22% +0.14% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.22% +0.14 0.00 15 Yr. Fixed 6.65% +0.20 0.00 30 Yr. FHA 7.00% +0.10 0.00 30 Yr. Jumbo 6.98% +0.05 0.00 5/1 ARM 7.02% +0.07 0.00 30 Yr. VA 7.00% +0.08 0.00 Updates Daily - Last Update: 7/6 15 Yr. Fixed Rate 6.65% +0.20% Rate Change Points Freddie Mac 30 Yr. Fixed 6.81% +0.10 0.00 15 Yr. Fixed 6.24% +0.18 0.00 Updates Weekly - Last Update: 7/6 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.75% +0.02 0.64 15 Yr. Fixed 6.23% -0.03 0.69 30 Yr. Jumbo 6.91% +0.11 0.69 Updates Weekly - Last Update: 6/28 MBS / Treasuries UMBS 30YR 5.5 98.23 -0.23 Price / Yield Change MBS UMBS 5.5 98.23 -0.23 UMBS 6.0 99.75 -0.28 GNMA 5.5 98.28 -0.23 GNMA 6.0 99.73 -0.27 Pricing as of: 7/7 10:05AM EST 10 Year US Treasury 4.0620 +0.0310 Price / Yield Change US Treasury 2 YR Treasury 5.007 +0.018 5 YR Treasury 4.392 +0.042 7 YR Treasury 4.246 +0.043 10 YR Treasury 4.062 +0.031 30 YR Treasury 4.011 +0.012 Pricing as of: 7/7 10:05AM EST Latest Video Markets signal Fed doesn't want to risk recession, says BNP Paribas' Morris Fed sees more rate hikes ahead but at slower pace, meeting minutes show The Fed isn't going to quit until the labor market quits, says former Fed G... Starting to see signs Federal Reserve may have to push further, says Citi's... Around the Web cnbc Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show CNBC Europe stocks open lower as economic gloom returns; Fed minutes due Calculated Risk Blog Wednesday: FOMC Minutes CNBC 2-year Treasury yield climbs as investors assess interest rate and economic outlook Wall Street Journal What It Takes to Convert a Multi-Million Dollar Office Into Housing CNBC Key Fed inflation measure shows prices rose just 0.3% in May Eye on Housing Property Tax Assessments and Revenue: Catching Up to Home Valuesand Quickly Calculated Risk Blog PCE Measure of Shelter Finally Slowing YoY Calculated Risk Blog Freddie Mac House Price Index Increased Slightly in May; Up 0.4% Year-over-year CNBC Treasury yields rise as investors look to key inflation report CNBC European markets set to open higher after strong first-half gains Calculated Risk Blog Q2 GDP Tracking: Around 2% CNBC European markets set to open slightly higher; traders await key inflation data

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