It's been a bummer of a week for mortgage rates with modest to moderate increases every day so far.  Adding insult to injury is the fact that there hasn't been any compelling reason for the increase as far as this week's new economic data is concerned. Economic data is a constant consideration for rates.  Generally speaking, weaker data = lower rates and vice versa. With that in mind, this week's rate movement is all the more frustrating because none of the key reports have been "strong."  In fact, the bond market reacted favorably (i.e. bonds implied lower rates) to several of them in the morning only for traders to take things in the other direction by the end of the day. Today and yesterday are the two best examples of that.  Each day resulted in a decent first round of rate offerings from mortgage lenders followed by a round of negative reprices as the day progressed.  The net effect is a move up to the highest levels in a week for top tier conventional 30yr fixed scenarios.

December 12, 2024 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Dec 12, 2024 Mortgage Rates Back to Highest Levels in a Week Thu, Dec 12, 2024 4:08PM It's been a bummer of a week for mortgage rates with modest to moderate increases every day so far.  Adding insult to injury is the fact that there hasn't been any compelling reason for the increase as far as this week's new economic data is concerned. Economic data is a constant consideration for rates.  Generally speaking, weaker data = lower rates and vice versa. With that in mind, this week's rate movement is all the more frustrating because none of the key reports have been "strong."  In fact, the bond market reacted favorably (i.e. bonds implied lower rates) to several of... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 Solid Start Despite Hotter PPI, But Europe Has Other Ideas Thu, Dec 12, 2024 10:28AM This morning's Producer Price Index (PPI) came in hotter than expected in year-over-year terms (3.4 vs 3.2 at the core level). Traders were mostly able to look past that given that the most recent month was in line with forecasts. Jobless Claims data helped facilitate gains between 8:30am and 9am ET, but shortly thereafter, the European bond market began sel... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 4:27AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 4:27AM EST Other News Hedging, HELOC, Non-QM, Servicing Tools; Lender Rankings by Units; MSR Market Thoughts Thu, Dec 12, 2024 11:58AM What? You’re a builder who’s short on nails? Well, bring in some folks from Japan… they don’t necessarily need them. Of the nearly 300 types of nails made in the United States today, most are used in residential housing construction. The average wood frame house uses between 20,000 and 30,000 nails of various types and sizes. (I don’t know what percent of na... (read more) Latest Video Fed's forecast changes at its next meeting will be the real news: Dreyfus a... Treasury sells $22 billion in 30-year bonds Wholesale prices rose 0.4% in November, more than expected Treasury sells $39 billion in 10-year notes Around the Web Calculated Risk Blog Fed's Flow of Funds: Household Net Worth Increased $4.8 Trillion in Q3 Eye on Housing Building Material Prices Increase in November Led by Lumber Calculated Risk Blog FDIC: Number of Problem Banks Increased Slightly in Q3 2024 Calculated Risk Blog Weekly Initial Unemployment Claims Increase to 242,000 CNBC Wholesale prices rose 0.4% in November, more than expected CNBC Annual inflation rate accelerates to 2.7% in November, as expected CNBC 10-year Treasury yield rises as investors digest inflation data Eye on Housing Inflation Remains Sticky Despite Easing Housing Costs Redfin Asking Rents Fall 0.7% to Lowest Level Since March 2022 CNBC Budget deficit swells in November, pushing fiscal 2025 shortfall 64% higher than a year ago Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter Calculated Risk Blog MBA: Mortgage Applications Increased in Weekly Survey CNBC Swiss National Bank takes leap with 50-basis-point interest rate cut amid franc strength

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