Mortgage Rates Sideways to Slightly Lower

The average mortgage lender is quoting rates that are just a fraction of a hair lower today compared to last Friday. Lenders were either closed or otherwise not able to update rates yesterday due to the Federal holiday. Anything other than "higher" is a victory recently. Rate jumped at the 2nd fastest pace of the year after the jobs report that was released on Friday, October 4th, and continued moving higher through last Wednesday. They've calmed down since then, but they haven't made any meaningful progress back toward the lower levels seen a few weeks ago. Context matters. In the short term, it would be easy to lament the fact that rates are up about 0.50% in about a month. But if we merely look back to early April, rates are still down the better part of 1 percent. In year over year terms, the improvement is about 1.4%. That's a very solid pace under any circumstances, but especially in the absence of the onset of a recession. Today was uneventful in terms of bond market movement and intraday rate changes from mortgage lenders. Bigger swings will likely depend on bigger economic reports and there are only a few heavy hitters on the calendar each month. This week's only notable contender is the Retail Sales report on Thursday morning at 8:30am ET. This doesn't mean rates can't move at all between now and then--simply that Retail Sales has the best chance to inspire bigger movement.

October 15, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Sideways to Slightly Lower The average mortgage lender is quoting rates that are just a fraction of a hair lower today compared to last Friday. Lenders were either closed or otherwise not able to update rates yesterday due to the Federal holiday. Anything other th... (read more) MBS Commentary Stronger Start to Holiday-Shortened Week Bonds moved into stronger territory over the 3 day weekend in a move largely attributed to de-escalation in the Middle East and the sharp drop in oil prices that followed. Oil and bonds are far from perfectly correlated, but big moves in the former o... (read more) Rob Chrisman Broker, Correspondent, Insurance, Fee Collection Tools; Catastrophes and Disasters Hit Lenders and Servicers Some things aren’t what they seem to be. What about places… what if you moved and your new home wasn’t how it originally seemed to be? There is a trend among today’s seniors, where retirees in Florida and other traditional retirement states, are pres... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.62% -0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.62% -0.02 0.00 15 Yr. Fixed 6.07% -0.03 0.00 30 Yr. FHA 6.09% -0.03 0.00 30 Yr. Jumbo 6.74% -0.01 0.00 7/6 SOFR ARM 6.55% 0.00 0.00 30 Yr. VA 6.10% -0.03 0.00 Updates Daily - Last Update: 10/15 15 Yr. Fixed Rate 6.07% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 6.32% +0.20 0.00 15 Yr. Fixed 5.41% +0.16 0.00 Updates Weekly - Last Update: 10/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.13% -0.03 0.57 15 Yr. Fixed 5.47% +0.05 0.52 30 Yr. Jumbo 6.47% +0.06 0.50 Updates Weekly - Last Update: 9/25 MBS / Treasuries UMBS 30YR 5.0 98.78 +0.12 Price / Yield Change MBS UMBS 5.0 98.78 +0.12 UMBS 5.5 100.30 +0.07 GNMA 5.0 99.10 +0.11 GNMA 5.5 100.48 +0.05 Pricing as of: 10/15 5:31PM EST 10 Year US Treasury 4.0322 -0.0691 Price / Yield Change US Treasury 2 YR Treasury 3.953 -0.005 5 YR Treasury 3.856 -0.047 7 YR Treasury 3.934 -0.060 10 YR Treasury 4.032 -0.069 30 YR Treasury 4.319 -0.093 Pricing as of: 10/15 5:31PM EST Latest Video A Fed pause would have consequences for the bond and equity markets: Dynami... Expect to see market volatility going into the election, says Requisite’s B... There's still room for the Fed to make gradual cuts, says Fmr. Fed Presiden... The economy is in good shape, but inflation is why voters feel differently,... Around the Web Eye on Housing Property Taxes by State 2023 Marketwatch The bond market may be at risk from inflationary forces beyond the Feds control CNBC Buying a home? Here are some key steps to consider from top-ranked advisors CNBC Fed Governor Waller sees need for ‘more caution’ ahead when lowering interest rates Marketwatch Feds Daly open to skipping rate cut at one of two remaining meetings this year forexlive Trump says he would be a better Fed chairman than Powell Marketwatch Claudia Sahm says her namesake recession indicator may have been a false alarm this time Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-October 2024 Eye on Housing Community Associations on the Rise in 2023 Calculated Risk Blog Lawler: Changes in Various Interest Rates Since the FOMC Cut Its Target Fed Funds Rate by 50 Basis Points CNBC The Federal Reserve may have pretty much just hit its 2% inflation target Marketwatch Manufacturing activity contracts in New York region in October after surging in prior month Marketwatch Hurricanes Helene and Milton unlikely to depress U.S. GDP

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