Mortgage Rates Recover After Starting Higher

Mortgage rates began the day at higher levels than yesterday for the average lender, but the movement was fairly small. Most lenders were still able to offer the same "note rate" (the actual interest rate attached to a mortgage note), but with slightly higher upfront costs. Economic data contributed to early bond market weakness. Weaker bonds mean higher rates, all other things being equal. After the weakness ran its course, bond buyers pounced on the cheaper entry point. In other words, when bonds are losing ground, bond prices are moving lower (lower bond prices = higher bond yields/rates). When bonds reached levels that matched yesterday's weakest moments, the new buying demand brought them well into positive territory. This in turn allowed most lenders to offer a mid-day price improvement that brought today's rates back in line with--or slightly below--yesterday's levels.

January 24, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Recover After Starting Higher Mortgage rates began the day at higher levels than yesterday for the average lender, but the movement was fairly small. Most lenders were still able to offer the same "note rate" (the actual interest rate attached to a mortgage note), but with ... (read more) MBS Commentary Small Scale Volatility Against Bigger-Picture Holding Pattern Small Scale Volatility Against Bigger-Picture Holding Pattern Bonds took several opportunities to react to econ reports that don't typically merit much of a reaction today. We saw similar behavior early... (read more) Rob Chrisman Hedging, QC, CRM, Insurance, Pre-Qual, Relationship Management Products; Disaster News; Customer Service Conference attendance in 2023 may be down, given layoffs and budget cuts, but here’s a handy dandy list of events this year and state organizations. (Click on “Conferences” on the right; for any additions or corrections, contact Ed.) Here at the MBA’... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.21% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.21% +0.01 0.00 15 Yr. Fixed 5.25% 0.00 0.00 30 Yr. FHA 5.82% +0.02 0.00 30 Yr. Jumbo 5.72% 0.00 0.00 5/1 ARM 6.05% +0.01 0.00 30 Yr. VA 5.87% +0.02 0.00 Updates Daily - Last Update: 1/24 15 Yr. Fixed Rate 5.25% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.15% -0.18 0.00 15 Yr. Fixed 5.28% -0.24 0.00 Updates Weekly - Last Update: 1/19 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.23% -0.19 0.67 15 Yr. Fixed 5.58% -0.36 0.54 30 Yr. Jumbo 6.08% -0.01 0.40 Updates Weekly - Last Update: 1/18 MBS / Treasuries UMBS 30YR 5.0 100.28 +0.25 Price / Yield Change MBS UMBS 5.0 100.28 +0.25 UMBS 5.5 101.34 +0.11 GNMA 5.0 100.36 +0.22 GNMA 5.5 101.13 +0.11 Pricing as of: 1/24 5:31PM EST 10 Year US Treasury 3.4564 -0.0646 Price / Yield Change US Treasury 2 YR Treasury 4.212 -0.020 5 YR Treasury 3.577 -0.043 7 YR Treasury 3.516 -0.052 10 YR Treasury 3.456 -0.065 30 YR Treasury 3.608 -0.078 Pricing as of: 1/24 5:31PM EST Latest Video January PMI data beats expectations, highest level since November U.S. hits record transaction prices for new vehicles as inventory remains u... A recession is far from inevitable, says Harvard's Jason Furman Real estate remain's a sellers' market, says Realtor.com's Danielle Hale Around the Web Calculated Risk Blog Final Look at Local Housing Markets in December Eye on Housing Fewer Adults are Planning a Home Purchase Reuters U.S. business activity still soft in early 2023, but outlook perks up Advisor Perspectives Richmond Fed Manufacturing Declined in January CNBC Treasury yields dip as investors look to economic data, earnings releases Calculated Risk Blog 1.51 million Total Housing Completions in 2022 including Manufactured Homes; Most Since 2007 Calculated Risk Blog LA Port Inbound Traffic Down 20% YoY in December Calculated Risk Blog Housing January 23rd Weekly Update: Inventory Decreased Slightly Week-over-week CNBC Treasury yields hold steady as investors assess monetary policy outlook CNBC Existing home sales fell for the 11th consecutive month in December, hitting the slowest pace since November 2010 Marketwatch Fed’s George says too soon to say inflation is on right trend Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.02 million SAAR in December; Median Prices Down 11.3% from Peak in June 2022 Calculated Risk Blog Q4 GDP Tracking: Mid-to-high 2s

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