Mortgage Rates Officially Highest Since November

We've had to use words like "effectively" or "nearly" in the past few weeks to refer to mortgage rates' proximity to the highest levels since November 2022. As of today, it's official. The average lender is quoting top tier 30yr fixed scenarios at the highest rates since November 7th. In both cases, borrowers would be seeing quotes around 7.25% since rates tend to be offered in increments of 0.125%. The only time they were higher in recent memory was the 7.375% range seen on October 20th, 2022. Before that, you'd have to go back more than 20 years to see anything higher. Is this the end of the world? Not really. It's certainly not as fun or easy for prospective borrowers as rates in the 5% range, but 7%+ rates are definitely not "new" anymore. Those who need to buy or refi can either swing the payment or they can't. Past precedent suggests a near certainty of good opportunities to refinance to lower rates in the future. The only uncertainty is how long you'd have to wait. Some forecasters see rates beginning to move lower before the end of 2023, while the more pessimistic crowd thinks we could be stuck in a similar range through most of next year. One thing's for sure, rates almost never stay that flat for that long. We'll continue a discussion throughout the week of the sorts of things we'd need to see in order for rates to improve.

August 14, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Officially Highest Since November We've had to use words like "effectively" or "nearly" in the past few weeks to refer to mortgage rates' proximity to the highest levels since November 2022. As of today, it's official. The average lender is quoting top tier 30yr fixed sce... (read more) MBS Commentary Rates Are Changing The Rules in The Middle of The Game Rates Are Changing The Rules in The Middle of The Game You know the part in the movie with the plot twist where the good guy is actually a bad guy? That's not exactly what the bond market's inflation na... (read more) Rob Chrisman Secondary Marketing, Broker Delivery, Outsourcing Products; Conv. Conforming News; Rates, Inflation, and the Fed For anyone attending the California MBA’s Western Secondary starting this weekend, here’s a challenge too good for any tennis players to pass up. Augie Del Rio, CEO of Gallus Insights, and I will play doubles against anyone Sunday afternoon from 2-4P... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.24% +0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.24% +0.05 0.00 15 Yr. Fixed 6.64% +0.04 0.00 30 Yr. FHA 6.95% +0.07 0.00 30 Yr. Jumbo 7.25% +0.05 0.00 5/1 ARM 7.10% +0.05 0.00 30 Yr. VA 6.92% +0.04 0.00 Updates Daily - Last Update: 8/14 15 Yr. Fixed Rate 6.64% +0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 6.96% +0.06 0.00 15 Yr. Fixed 6.34% +0.09 0.00 Updates Weekly - Last Update: 8/10 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.09% +0.16 0.70 15 Yr. Fixed 6.51% +0.12 0.92 30 Yr. Jumbo 7.04% +0.15 0.66 Updates Weekly - Last Update: 8/9 MBS / Treasuries UMBS 30YR 5.5 97.98 -0.38 Price / Yield Change MBS UMBS 5.5 97.98 -0.38 UMBS 6.0 99.55 -0.38 GNMA 5.5 98.16 -0.42 GNMA 6.0 99.59 -0.39 Pricing as of: 8/14 5:31PM EST 10 Year US Treasury 4.2010 +0.0410 Price / Yield Change US Treasury 2 YR Treasury 4.973 +0.080 5 YR Treasury 4.371 +0.068 7 YR Treasury 4.308 +0.054 10 YR Treasury 4.201 +0.041 30 YR Treasury 4.298 +0.034 Pricing as of: 8/14 5:31PM EST Latest Video Housing market moves will be decided by what causes mortgage rate declines,... Former Dallas Fed President Robert Kaplan: I don't think the Fed will take ... NY Fed: One year inflation expectations hits the lowest level since April 2... The Fed's insistent rate strategy aims to curb consumer spending, says CIC ... Around the Web CNBC UBS to pay $1.4 billion for fraud in mortgage-backed securities Calculated Risk Blog 2nd Look at Local Housing Markets in July CNBC Four reasons why the consumer is so confusing and what that may mean for retail earnings Eye on Housing Single-Family Permits Decrease in June 2023 Calculated Risk Blog Housing August 14th Weekly Update: Inventory increased 0.9% Week-over-week; Down 10.5% Year-over-year CNBC Treasury yields little changed as investors consider economic outlook Calculated Risk Blog Part 1: Current State of the Housing Market; Overview for mid-August Calculated Risk Blog Realtor.com Reports Weekly Active Inventory Down 9% YoY; New Listings Down 14% YoY Eye on Housing Price Growth of Key Building Materials Continues to Moderate CNBC Wholesale prices rose 0.3% in July, higher than expected CNBC Op-ed: Mortgage real estate investment trusts may be a soft-landing winner. Here are REITs worth a look CNBC CNBC Daily Open: Theres a new narrative in markets CNBC European markets expected to open lower after a downbeat week

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