Mortgage Rates Steady to Slightly Lower

Mortgage rates rose at the fastest pace in 2 weeks yesterday, but that wasn't a very tall order considering an almost perfect absence of movement leading up to that. Now today, a good amount of that small amount of damage has been undone. Bonds responded favorably to this morning's economic data, which suggested the labor market could be in the process of softening a bit, and that companies were less likely than expected to make big purchases in May (not including aircraft and defense spending). Bonds thrive on bad news for the economy (and bonds drive interest rates). While this wasn't the worst news in the world, it was far enough from forecasts to spur a modest rally in bonds and rates. The top tier conventional 30yr fixed average remains just a hair over 7% for most lenders. Bigger changes are possible in the coming days/weeks as more important economic data will be released.

June 27, 2024 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Mortgage Rates Steady to Slightly Lower Mortgage rates rose at the fastest pace in 2 weeks yesterday, but that wasn't a very tall order considering an almost perfect absence of movement leading up to that. Now today, a good amount of that small amount of damage has been undone. Bond... (read more) MBS Commentary Back in The Range Without Needing Too Much Convincing It's been an odd morning for the bond market, but not in an objectionable way. In not so many words, bonds are rallying somewhat nicely despite an absence of obviously compelling data. We can make a case for it, but it takes some doing du... (read more) Rob Chrisman Mission Score Execution, Pet-Centric Marketing, Website Compliance Tools; STRATMOR on Refi Biz; Webinars and Events “What did people from the Midwest call a small can of pop? A Minnesota.” (Say it out loud to your 3 rd grader.) While we’re on a “pop,” lenders in the nation’s midsection are cheering the numbers as large cities in the Northeast and Midwest popped i... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.05% -0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% -0.01 0.00 15 Yr. Fixed 6.45% -0.02 0.00 30 Yr. FHA 6.49% -0.02 0.00 30 Yr. Jumbo 7.26% -0.01 0.00 7/6 SOFR ARM 7.03% -0.01 0.00 30 Yr. VA 6.50% -0.02 0.00 Updates Daily - Last Update: 6/27 15 Yr. Fixed Rate 6.45% -0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.86% -0.01 0.00 15 Yr. Fixed 6.16% +0.03 0.00 Updates Weekly - Last Update: 6/27 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.02% -0.05 0.65 15 Yr. Fixed 6.60% -0.15 0.55 30 Yr. Jumbo 7.18% -0.03 0.54 Updates Weekly - Last Update: 6/12 MBS / Treasuries UMBS 30YR 5.5 98.97 +0.17 Price / Yield Change MBS UMBS 5.5 98.97 +0.17 UMBS 6.0 100.56 +0.13 GNMA 5.5 99.52 +0.18 GNMA 6.0 100.61 +0.08 Pricing as of: 6/27 5:31PM EST 10 Year US Treasury 4.2869 -0.0430 Price / Yield Change US Treasury 2 YR Treasury 4.712 -0.039 5 YR Treasury 4.300 -0.045 7 YR Treasury 4.286 -0.045 10 YR Treasury 4.287 -0.043 30 YR Treasury 4.426 -0.048 Pricing as of: 6/27 5:31PM EST Latest Video Inflation is going to fall like a rock, says Fundstrat's Tom Lee JPMorgan analyst explains why he believes we're in a 'selective recession' Pending home sales fell 2.1% in May PIMCO's Jerome Schneider on Yields Around the Web CNBC Home prices begin to cool as active listings jump 35% CNBC There's a big Fed inflation reading coming Friday; here's what to expect Marketwatch Jobless claims retreat in latest week Marketwatch First-quarter GDP grew a soft 1.4%, but the economy might have more 'spring' in its step Eye on Housing Considering Housing Inventory: Why Both New and Existing Supply Matters CNBC Here's where U.S. rents are rising and falling the fastest Calculated Risk Blog NAR: Pending Home Sales Decrease 2.1% in May; Down 6.6% Year-over-year Calculated Risk Blog Inflation Adjusted House Prices 2.3% Below Peak; Price-to-rent index is 7.6% below 2022 peak Calculated Risk Blog Realtor.com Reports Active Inventory Up 36.1% YoY CNBC Sweden's central bank chief says 2 to 3 more rate cuts this year is a 'forecast not a promise' CNBC Treasury yields rise as investors look to key data Eye on Housing 2023 New Single-Family Starts by Census Division Calculated Risk Blog AIA: Architecture Billings Declined in May; Multi-family Billings Decline for 22nd Consecutive Month

© 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.