Mortgage Rates Are NOT Lower This Week

Why Jobless Claims Data Moved Markets More Than Normal Weekly jobless claims data is far from irrelevant, but also almost always a forgettable ingredient in the recipe for serious bond market movement. There are scattered exceptions to that rule and today was a reminder. Despite a mere 233k vs 240k beat, the bond market reacted the data as if it were one of the 4-5 top tier economic reports that account for the biggest average reactions. In seeking to reconcile that, we can consider the defensiveness priced into the market as a result of last week's labor market data. With today's claims, we have the 2nd report of the week suggesting the labor market outlook may not be bleak enough to warrant much panic. In addition to all of the above data-related considerations, it has also been a busy week for corporate bond issuance which has added further pressure at times. Econ Data / EventsJobless Claims233k vs 240k f'cast, 250k prev Continued Claims1875k vs 1870k f'cast, 1869k prev Market Movement Recap10:31 AM Slightly stronger overnight, then sharply weaker after jobless claims data. MBS down 5 ticks (.16) and 10yr up 5bps at 3.999 01:16 PM Slightly into the 30yr bond auction, but now bouncing back with MBS down 5 ticks (.16) and 10yr up 4.8bps at 3.998. 02:42 PM Weakest levels just after 2pm and another bounce. MBS and Treasuries right in line with previous update.

August 8, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Why Jobless Claims Data Moved Markets More Than Normal Why Jobless Claims Data Moved Markets More Than Normal Weekly jobless claims data is far from irrelevant, but also almost always a forgettable ingredient in the recipe for serious bond market movement. ... (read more) Mortgage Rate Watch Mortgage Rates Are NOT Lower This Week It's Thursday and thus time once again for a side-by-side glimpse at our actual daily average 30yr fixed mortgage rate and the weekly survey-based rate from Freddie Mac. The latter is widely reported and re-reported on Thursdays with multiple n... (read more) Rob Chrisman Hedging, Accounting, Home Data, Fee Collection Tools; Events and Training Do you believe there is no opportunity out there, or nothing you haven’t heard of? First of all, there’s an interesting “moonlighting” commercial job below. Second… Do you ever dial your childhood home phone number? What happens to “old” numbers? The... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.63% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.63% +0.05 0.00 15 Yr. Fixed 6.15% +0.12 0.00 30 Yr. FHA 6.17% +0.02 0.00 30 Yr. Jumbo 6.75% +0.03 0.00 7/6 SOFR ARM 6.48% +0.18 0.00 30 Yr. VA 6.20% +0.03 0.00 Updates Daily - Last Update: 8/8 15 Yr. Fixed Rate 6.15% +0.12% Rate Change Points Freddie Mac 30 Yr. Fixed 6.47% -0.26 0.00 15 Yr. Fixed 5.63% -0.36 0.00 Updates Weekly - Last Update: 8/8 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.00% -0.03 0.60 15 Yr. Fixed 6.63% +0.07 0.61 30 Yr. Jumbo 7.13% +0.02 0.38 Updates Weekly - Last Update: 7/10 MBS / Treasuries UMBS 30YR 5.5 100.35 -0.09 Price / Yield Change MBS UMBS 5.5 100.35 -0.09 UMBS 6.0 101.56 -0.02 GNMA 5.5 100.41 -0.06 GNMA 6.0 101.24 -0.02 Pricing as of: 8/8 5:31PM EST 10 Year US Treasury 3.9901 +0.0404 Price / Yield Change US Treasury 2 YR Treasury 4.037 +0.077 5 YR Treasury 3.827 +0.061 7 YR Treasury 3.883 +0.055 10 YR Treasury 3.990 +0.040 30 YR Treasury 4.280 +0.034 Pricing as of: 8/8 5:31PM EST Latest Video Why the Fed feels comfortable starting to ease rates Treasury sells $25 billion in 30-year notes Economy is showing signs of slowing, but certainly not collapsing: Edward J... Office demand improves as sector sees potential bottom Around the Web CNBC Average consumer now carries $6,329 in credit card debt. 'People are stretched,' experts says Calculated Risk Blog Atlanta Fed: Home Ownership Affordability Monitor CNBC Weekly jobless claims fall to 233,000, less than expected, in a positive sign for labor market CNBC With mortgage rates dropping, should you refinance? 'It could be worth it,' says financial planner Calculated Risk Blog Realtor.com Reports Active Inventory Up 35.9% YoY CNBC More than 3.4 million U.S. households claimed $8.4 billion of Inflation Reduction Act home efficiency tax credits in 2023, IRS says CNBC 10-year Treasury yield falls as stocks stumble Calculated Risk Blog 1st Look at Local Housing Markets in July Market Watch Consumers feel frustrated with the housing market. Buying a house is unaffordable, Fannie Mae says. Eye on Housing Home Sizes: Demand versus Supply Calculated Risk Blog Wholesale Used Car Prices Increased in July; Down 4.8% Year-over-year Eye on Housing Multifamily Developer Confidence Falls in Second Quarter CNBC European markets set for lower open, struggle to keep hold of positive momentum

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