Mortgage Rates Sideways at Multi-Week Lows Ahead of Big Jobs Report

Today's mortgage rates remain at levels that are much higher than most of the past few decades, but refreshingly lower than most of the past 3 weeks. The average lender was just a hair higher, officially, but the average borrower will not see any difference in today's vs yesterday's rate quotes. As for culprits behind the bigger picture surge and the smaller picture recovery, most of the measurable blame falls on data. Sure, we can talk about Fed stimulus and fiscal issues as root causes, but ultimately it's the measurable increase in inflation and the measurable resilience in the economy that is keeping rates high. It's also been the measurable cooling in the same data that has allowed rates to ease off those highs in recent weeks. This began most noticeably with last week's PMI data ("purchasing managers indices," which are like mini GDP readings that come out every month), but it has continued this week due to several important economic reports. The most important report is yet to come. Tomorrow morning brings the big jobs report at 8:30am ET. That's before the time that mortgage lenders set rates for the day, and the data has the power to drastically change trading levels in the bond market. Bottom line, rates could be significantly higher or lower tomorrow, depending on the outcome of the data, and this particular data has a long history of surprising outcomes in both directions.

August 31, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Sideways at Multi-Week Lows Ahead of Big Jobs Report Today's mortgage rates remain at levels that are much higher than most of the past few decades, but refreshingly lower than most of the past 3 weeks. The average lender was just a hair higher, officially, but the average borrower will not see a... (read more) MBS Commentary More Decent Data Keeps Hope Alive Another morning, another set of economic reports with the power to move markets. Today's examples included jobless claims coming in at 228 vs 235k, core PCE inflation hitting its target at 0.2% month over month, and Chicago PMI at 48.7 versus a... (read more) Rob Chrisman HELOC, TPO, Home Buyer Trends, Agency Approval, CRM Products; Training and Events The great thing about inflation is if you spend the same on groceries, the bags are lighter and easier to carry home. Restaurants and food companies react to higher prices either by reducing their portion sizes or passing the cost on to the consumer.... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.07% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.07% +0.01 0.00 15 Yr. Fixed 6.45% +0.01 0.00 30 Yr. FHA 6.67% 0.00 0.00 30 Yr. Jumbo 7.24% 0.00 0.00 5/1 ARM 6.98% -0.01 0.00 30 Yr. VA 6.65% 0.00 0.00 Updates Daily - Last Update: 8/31 15 Yr. Fixed Rate 6.45% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 7.18% -0.05 0.00 15 Yr. Fixed 6.55% 0.00 0.00 Updates Weekly - Last Update: 8/31 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.16% +0.07 0.68 15 Yr. Fixed 6.57% +0.06 0.94 30 Yr. Jumbo 7.11% +0.07 0.55 Updates Weekly - Last Update: 8/16 MBS / Treasuries UMBS 30YR 5.5 98.69 +0.00 Price / Yield Change MBS UMBS 5.5 98.69 0.00 UMBS 6.0 100.19 +0.03 GNMA 5.5 98.91 -0.03 GNMA 6.0 100.23 +0.02 Pricing as of: 8/31 5:31PM EST 10 Year US Treasury 4.1100 -0.0020 Price / Yield Change US Treasury 2 YR Treasury 4.867 -0.015 5 YR Treasury 4.256 -0.010 7 YR Treasury 4.210 -0.003 10 YR Treasury 4.110 -0.002 30 YR Treasury 4.212 -0.011 Pricing as of: 8/31 5:31PM EST Latest Video Key Fed inflation rate up 4.2% year over year, meeting expectations JPMorgan's Bruce Kasman: Ongoing labor strikes are expected to distort payr... The Fed will remain hawkish until inflation really does come down, says Bar... We're starting to see a loosening in the labor market, says Kestra Investme... Around the Web CNBC Student loan payments restart in October here are changes borrowers can expect Calculated Risk Blog Asking Rents Down 1.2% Year-over-year CNBC Student loan interest resumes Sept. 1. What that means for subsidized vs. unsubsidized debt Calculated Risk Blog PCE Measure of Shelter Slows to 7.8% YoY in July Black Knight Black Knight HPI for July 2023 Calculated Risk Blog Realtor.com Reports Weekly Active Inventory Down 6% YoY; New Listings Down 8% YoY Calculated Risk Blog Personal Income increased 0.2% in July; Spending increased 0.8% Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 228,000 Calculated Risk Blog Inflation Adjusted House Prices 3.9% Below Peak; Price-to-rent index is 7.6% below recent peak CNBC Treasury yields dip as investors await fresh inflation insights Calculated Risk Blog NAR: Pending Home Sales Up 0.9% in July; Down 14.0% Year-over-year CNBC How climate risk and more frequent disasters are changing the way we buy home insurance Eye on Housing 2022 Single-Family Starts by Census Division

© 2023 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.