Mortgage Rates Roughly Unchanged Yet Again Despite Bond Market Losses

Losses... weakness... selling pressure... When any of these things happen in the bond market, it puts upward pressure on interest rates. Mortgage rates are primarily determined by bonds, after all. Today started out well enough for the bond market. This allowed mortgage lenders to set today's rates roughly in line with yesterday's levels. That makes for 3 days in a row with the average lender offering top tier 30yr fixed rates just a hair above 7%. Fed Chair Powell have a speech and answered questions today at a regional event in Dallas. He echoed recent comments from other Fed speakers regarding the pace of Fed rate cuts. In short, Fed sentiment is shifting in favor of slower pace. As we hopefully learned from the market movement heading into (and out of) the Fed's September meeting, expectations for Fed rate cuts have an immediate impact on longer term rates like mortgages. Days like today contribute to cooler expectations for rate cuts and thus put upward pressure on rates. That's not immediately apparent in mortgage rates, but this had more to do with the timing of bond market movement today. Fortunately, bonds had gained some ground before they lost ground. The net effect is not big enough for most mortgage lenders to raise rates.

November 14, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Roughly Unchanged Yet Again Despite Bond Market Losses Losses... weakness... selling pressure... When any of these things happen in the bond market, it puts upward pressure on interest rates. Mortgage rates are primarily determined by bonds, after all. Today started out well enou... (read more) MBS Commentary Morning Weakness Erased The morning has been both straightforward and interesting. The straightforward part involved a moderate sell-off following stronger economic data. Jobless claims fell (both weekly initial claims and continued claims), and core PPI came in... (read more) Rob Chrisman Correspondent, Wholesale, Document Automation Tools; FHA, USDA Changes; Mark Calabria Interview Demographics matter. Although I am sending today’s Commentary out from a Dunkin’ near Columbus, Ohio, yesterday I found myself visiting a supposedly haunted hotel in Chattanooga, possibly the last “weather kiosk” in the world in Knoxville, a tourist ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.88 -0.13 Price / Yield Change MBS UMBS 5.5 98.88 -0.13 UMBS 6.0 100.54 -0.09 GNMA 5.5 99.59 -0.07 GNMA 6.0 100.72 -0.10 Pricing as of: 11/14 5:31PM EST 10 Year US Treasury 4.4482 -0.0158 Price / Yield Change US Treasury 2 YR Treasury 4.353 +0.080 5 YR Treasury 4.335 +0.036 7 YR Treasury 4.396 +0.024 10 YR Treasury 4.448 -0.016 30 YR Treasury 4.600 -0.034 Pricing as of: 11/14 5:31PM EST Latest Video Jerome Powell: Fed doesn’t need to be ‘in a hurry’ to reduce interest rates Senators confirm need for Federal Reserve's independence Fed is 'pretty close to a pause,' says Roth Capital’s Michael Darda Wholesale prices rose 0.2% in October, in line with expectations Around the Web CNBC Powell says the Fed doesn't need to be 'in a hurry' to reduce interest rates CNBC What's the most you should pay for housing? Here's a breakdown by salary, from $30,000 a year to $120,000 Calculated Risk Blog Part 1: Current State of the Housing Market; Overview for mid-November 2024 Marketwatch Jobless claims fall to lowest level since May Eye on Housing Building Material Prices Increase While Other Input Prices Fall CNBC Homebuilder deal activity is surging, fueled by major Japanese buyers CNBC 10-year Treasury yield inches higher as investors await economic data, Fed speeches CNBC Wholesale prices rose 0.2% in October, in line with expectations Forex Live Fed's Musalem: Recent info suggests inflation risks have risen CNBC Republicans projected to win House majority, securing GOP trifecta Dallas Fed Navigating in shallow waters: Monetary policy strategy in a better-balanced economy CNBC U.S. crude oil rises, trades around $69 per barrel Reuters Fed's Schmid: extent of further rate cuts 'remains to be seen'

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