Mortgage Rates Now Back Above 7%

5 Minutes of Selling, Then Sideways All Day Bonds were moderately weaker overnight with EU inflation data leading the way. Domestic data at 8:30am added to weakness with just 5 minutes of serious selling that ended at 8:35am. 10yr yields hit their 3pm closing mark almost exactly in line with those 8:35am levels (4.075). MBS ended up outperforming throughout the day and almost made it back to their pre-data levels--at least when we look at 5.5 coupons. Econ Data / EventsJobless Claims190 vs 195 f'cast, 192 prev Q4 Unit Labor Costs3.2 vs 1.6 f'cast, 1.1 prev Market Movement Recap08:50 AM Gradually weaker overnight with twice as much selling after the 8:30am data. 10yr up 8bps at 4.075 and MBS down half a point. 12:25 PM Sideways and choppy after initial losses. MBS down 10 ticks (.31) in 5.5 coupons (the half point loss in the AM was in 5.0 coupons). 10yr up 9bps at 4.083. 02:28 PM Fairly flat since initial selling spree. MBS still down 10 ticks (.31) and 10yr now up only 7.5bps at 4.069.

March 2, 2023 Download our Mobile App: Download our Mobile App: MBS Commentary 5 Minutes of Selling, Then Sideways All Day 5 Minutes of Selling, Then Sideways All Day Bonds were moderately weaker overnight with EU inflation data leading the way. Domestic data at 8:30am added to weakness with just 5 minutes of serious s... (read more) Mortgage Rate Watch Mortgage Rates Now Back Above 7% Mortgage rates have been hit hard on two fronts over the past month. The first front is the obvious one: the bond market has moved in a way that forces rates to go higher. To be fair, it's almost always the bond market that forces rates t... (read more) Rob Chrisman Ginnie EVP Jobs; Pricing, Credit Reporting, Compliance, Workflow, PPE Tools; Wholesale News Hey, why wouldn’t you want to join the Mortgage Action Alliance? It doesn’t cost you a penny, and there’s strength in numbers. Signing up takes about 90 seconds. And the information you receive is much more reliable than mine! The U.S. Census Bureau ... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.10% +0.16% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.10% +0.16 0.00 15 Yr. Fixed 6.50% +0.15 0.00 30 Yr. FHA 6.50% +0.13 0.00 30 Yr. Jumbo 6.50% +0.05 0.00 5/1 ARM 6.58% +0.06 0.00 30 Yr. VA 6.54% +0.15 0.00 Updates Daily - Last Update: 3/2 15 Yr. Fixed Rate 6.50% +0.15% Rate Change Points Freddie Mac 30 Yr. Fixed 6.65% +0.15 0.00 15 Yr. Fixed 5.89% +0.13 0.00 Updates Weekly - Last Update: 3/2 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.71% +0.09 0.77 15 Yr. Fixed 6.13% +0.15 0.93 30 Yr. Jumbo 6.44% 0.00 0.49 Updates Weekly - Last Update: 3/1 MBS / Treasuries UMBS 30YR 5.5 99.22 -0.17 Price / Yield Change MBS UMBS 5.5 99.22 -0.17 UMBS 6.0 100.73 -0.09 GNMA 5.5 99.89 -0.13 GNMA 6.0 101.08 -0.03 Pricing as of: 3/2 5:31PM EST 10 Year US Treasury 4.0576 +0.0632 Price / Yield Change US Treasury 2 YR Treasury 4.891 +0.013 5 YR Treasury 4.313 +0.055 7 YR Treasury 4.234 +0.071 10 YR Treasury 4.058 +0.063 30 YR Treasury 3.994 +0.039 Pricing as of: 3/2 5:31PM EST Latest Video Mortgage rates top 7% The slowing in the labor market is in hiring, says Moody's Mark Zandi Jobless claims are lower than what the Fed wants to see, says Capital Wealt... Unit labor costs jumped 3.2% Around the Web CNBC Mortgage rates jump back over 7% as inflation fears drive yields higher The Basis Point 42% of homeowners have no mortgage, and may hold key to unlocking buyer inventory Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 190,000 Calculated Risk Blog Year-over-year Rent Growth Continues to Decelerate Wall Street Journal Fed Might Be Winning Inflation Fight, Depending on Index Used Calculated Risk Blog Hotels: Occupancy Rate Down 1.5% Compared to Same Week in 2019 Calculated Risk Blog Freddie Mac House Price Index Declines for 7th Consecutive Month in January CNBC Mortgage rates jump back over 7% as inflation fears drive yields higher CNBC Euro zone inflation softens to 8.5% in February as ECB signals interest rate hiking is not over Eye on Housing Private Residential Spending Falls Slightly in January CNBC Stubborn inflation will remain at a very high level, German central bank president says Calculated Risk Blog ISM Manufacturing index Increased to 47.7% in February Calculated Risk Blog Construction Spending Decreased 0.1% in January

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