There's no easy way to say it: it was a bad week for mortgage rates.  Actually, it was a bad week for interest rates in general and mortgage rates typically follow the rest of the rate market.  After hitting the lowest levels in a month and a half last Friday, each of the next 5 days saw a modest to moderate increase in the average lender's mortgage rates. But why? Rates are tied to the bond market. Movement in bonds dictates what mortgage lenders can offer.  Bonds can move for multiple reasons, but if we could only ever consider one input, it would be the broad category of "economic data."  That's what makes this week frustrating.  Economic data arguably didn't suggest the type of damage we ended up seeing.  Unfortunately, once we move past economic data, rate motivations become much less obvious and much harder to discuss without esoteric bond market jargon. Suffice it to say that there are factors beyond the domestic economy that have traders shifting their bond holdings.  Some of those have to do with end-of-year requirements for financial statements.  Some are more focused on getting into position to react to next week's Fed rate announcement on Wednesday.  At that point, we'll either see some reprieve, or an acceleration of the recent momentum.

December 13, 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 13, 2024 Mortgage Rates Rise For 5th Straight Day Fri, Dec 13, 2024 3:13PM There's no easy way to say it: it was a bad week for mortgage rates.  Actually, it was a bad week for interest rates in general and mortgage rates typically follow the rest of the rate market.  After hitting the lowest levels in a month and a half last Friday, each of the next 5 days saw a modest to moderate increase in the average lender's mortgage rates. But why? Rates are tied to the bond market. Movement in bonds dictates what mortgage lenders can offer.  Bonds can move for multiple reasons, but if we could only ever consider one input, it would be the broad category 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 Another Red Day. Is There Any Reason For Hope? Fri, Dec 13, 2024 11:42AM Bonds can't seem to catch a break this week.  Data hasn't necessarily been unfriendly either with both CPI and PPI hitting forecasts at the core monthly level (not to mention higher-than-expected jobless claims). Despite that, rates have risen every day this week with the biggest sell-offs ironically on the days with the not-unfriendly data.  Frida... (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 1:44AM 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 1:44AM EST Other News New Correspondent, Fee Collection, Digital Lending Products; STRATMOR on CX; Freddie, Fannie, FHFA Updates Fri, Dec 13, 2024 12:15PM “They say that mafia members are nasty people. But while growing up, I lived next door to one mafia member, and he was actually a nice guy. In fact, every morning, he paid me $20 just to start his car.” Membership has its privileges. “Rob, I own a smallish independent mortgage bank (IMB). We mostly bank and have a servicing portfolio, but also do some broker... (read more) Latest Video Former Dallas Fed Pres. Rob Kaplan: I'd go into next week's Fed meeting wit... Bank sector could see regulatory reform ahead Fed's forecast changes at its next meeting will be the real news: Dreyfus a... Treasury sells $22 billion in 30-year bonds Around the Web CNBC Federal Reserve is likely to cut interest rates next week. Here's what that means for you Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-December 2024 CNBC 10-year Treasury yield hovers above 4.3% as investors focus on the Fed's rate decision Eye on Housing Mortgage Activity Declines in November as Rates Continue to Increase Calculated Risk Blog Q3 Update: Delinquencies, Foreclosures and REO Marketwatch Treasury yields end at 2- to 3-week highs as Fed struggles with last mile of inflation fight Eye on Housing Building Material Prices Increase in November Led by Lumber Calculated Risk Blog Fed's Flow of Funds: Household Net Worth Increased $4.8 Trillion in Q3 Eye on Housing Import Data for Residential Construction Materials Calculated Risk Blog FDIC: Number of Problem Banks Increased Slightly in Q3 2024 CNBC 10-year Treasury yield rises as investors digest inflation data Calculated Risk Blog Weekly Initial Unemployment Claims Increase to 242,000 CNBC Wholesale prices rose 0.4% in November, more than expected

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