Mortgage Rates Just Got Smoked by Barn Burner Inflation Report

If it feels like there's been an inordinate amount of focus on the Consumer Price Index (CPI) recently, today proved it was justified. It's not hard to understand WHY this data should matter. After all, inflation is the biggest reason that rates moved higher at the pace seen in 2022/2023. From there, we only need to know that CPI is the biggest market mover among inflation reports and the focus quickly makes sense. But that's not the only reason that today was highly consequential. We were also in the midst of a bit of a correction in rates that took us from the best levels in 8 months to the worst levels in more than a month in the space of 2 days. In not so many words, the bond/rate market was essentially asking itself if it had been caught flat-footed heading into February. The jobs report on Friday, Feb 2nd said "yes!" Now today's CPI data says "see?!" So what happened? It doesn't sound too interesting at face value. Core month-over-month inflation came in at 0.4% for January as opposed to the 0.3% seen last month. Markets expected it to hold steady, on average. Small monthly changes are very important when it comes to CPI--especially if those changes make a new argument about the momentum of inflation. Today's report was in a unique position to make it look like that momentum had been cooling since last September. Instead, it now looks like it's rising back toward levels from early 2023.

February 13, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Just Got Smoked by Barn Burner Inflation Report If it feels like there's been an inordinate amount of focus on the Consumer Price Index (CPI) recently, today proved it was justified. It's not hard to understand WHY this data should matter. After all, inflation is the biggest reason tha... (read more) MBS Commentary Unfortunately, Bonds Did Exactly What They Were Supposed to Do After CPI Unfortunately, Bonds Did Exactly What They Were Supposed to Do Today Over the course of the past two weeks, and especially in the past few days, there's been so much focus on today's CPI release that it may h... (read more) Rob Chrisman Servicing, TPO, Warehouse Products; Training and Webinars; CPI Moves Rates Higher In our biz, you never want to hear, “deception,” “targeting the elderly,” or “abusive tactics” related to a company. But there they are in this report, “The Ugly Truth Behind We Buy Ugly Houses.” (Thank you to Ken S. for passing this along.) The fran... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.13% +0.17% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.13% +0.17 0.00 15 Yr. Fixed 6.50% +0.19 0.00 30 Yr. FHA 6.50% +0.22 0.00 30 Yr. Jumbo 7.40% +0.11 0.00 5/1 ARM 6.70% +0.16 0.00 30 Yr. VA 6.55% +0.25 0.00 Updates Daily - Last Update: 2/13 15 Yr. Fixed Rate 6.50% +0.19% Rate Change Points Freddie Mac 30 Yr. Fixed 6.64% +0.01 0.00 15 Yr. Fixed 5.90% -0.04 0.00 Updates Weekly - Last Update: 2/8 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.78% +0.03 0.63 15 Yr. Fixed 6.31% +0.07 0.59 30 Yr. Jumbo 6.94% +0.08 0.46 Updates Weekly - Last Update: 1/24 MBS / Treasuries UMBS 30YR 5.5 98.48 -0.84 Price / Yield Change MBS UMBS 5.5 98.48 -0.84 UMBS 6.0 100.08 -0.63 GNMA 5.5 98.95 -0.78 GNMA 6.0 100.27 -0.50 Pricing as of: 2/13 5:31PM EST 10 Year US Treasury 4.3260 +0.1470 Price / Yield Change US Treasury 2 YR Treasury 4.670 +0.190 5 YR Treasury 4.330 +0.191 7 YR Treasury 4.346 +0.174 10 YR Treasury 4.326 +0.147 30 YR Treasury 4.471 +0.091 Pricing as of: 2/13 5:31PM EST Latest Video Market gets closer to Fed's notion of three rate hikes in '24 after hot CPI... NEC Director Lael Brainard: Overall economic picture still looks good despi... Former Fed Governor Frederic Mishkin: The Fed will be very cautious about l... Small business optimism dips in January Around the Web Marketwatch 'Ugly' and 'disconcerting' inflation report upsets markets' thinking on when Fed will cut rates Eye on Housing Inflation Remains Sticky due to Persistent Housing Costs CNBC Consumer prices rose 0.3% in January, more than expected, as the annual rate moved to 3.1% Calculated Risk Blog YoY Measures of Inflation: Services, Goods and Shelter CNBC Heres the inflation breakdown for January 2024 in one chart Calculated Risk Blog 2nd Look at Local Housing Markets in January Calculated Risk Blog Part 1: Current State of the Housing Market; Overview for mid-February 2024 Eye on Housing The Age of the U.S. Housing Stock NFIB Small Business Owners Expectations for Higher Sales Declined in January Reuters NY Fed survey finds stability in January inflation expectations Eye on Housing Modest Improvements in Demand, Lending Conditions for Real Estate Loans During Q4 2023 CNBC CNBC Daily Open: Key inflation data looms with rate cuts in focus CNBC Oil prices fall after rallying last week on escalating Middle East tensions

© 2024 Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: newsletter@newslettercollector.com. Go here to UNSUBSCRIBE from this email.