By the smallest of margins, mortgage rates are back up to levels last seen in July. That means we've gone from being fairly close to 6% in mid-September to being nearly as close to 7% today when it comes to top tier 30yr fixed scenarios for the average lender. Today's jump was particularly quick and frustratingly lacking in satisfying explanations. It's not the explanations make bad news any more palatable, but it's always more frustrating to be confronted with unpleasantness that seems to be happening for no good reason. There are several theories, but nothing as obvious or demonstrable as a surprise result in a key piece of economic data. These include things like shifting election odds coupled with assumptions about policy impacts, arcane calendar issues surrounding the options market, and one of several research notes regarding U.S. deficits that have been making the rounds. It's unlikely that any of these factors could exclusively drive the pace of weakness seen in rates today. There are limited examples of several such factors teaming up to cause days like today, but just as often, something else comes to light in the following days that helps flesh out the explanation. Explanations aside, it was one of the bigger jumps seen in the past few months, and by far and away the biggest jump seen on a day without a big economic report or other scheduled event.
| Mortgage Rate Watch | | Rates Jump Quickly to Highest Levels Since July | | By the smallest of margins, mortgage rates are back up to levels last seen in July. That means we've gone from being fairly close to 6% in mid-September to being nearly as close to 7% today when it comes to top tier 30yr fixed scenarios for the... (read more) |
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| MBS Commentary | | Bonds Have a (Bad) Case of The Mondays | | First off, there's no great explanation for the extent to which bonds are losing ground this morning. These days happen occasionally. Sometimes an elusive market mover becomes clearer later in the day. Other times, we're forced to r... (read more) |
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| Rob Chrisman | | Broker Education, Reverse Mortgage, Credit Report, Warehouse Products; Disaster News | | Sports have a lot of fans, and heroes. With only 10 days until Halloween, what a great time of year to be a sports fanatic. You never have to leave your den, or local sports bar, when football, baseball, basketball, and hockey are all on TV, and if y... (read more) |
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| 30 Yr. Fixed Rate | | 6.82% +0.14% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 6.82% | +0.14 | 0.00 | | 15 Yr. Fixed | 6.19% | +0.12 | 0.00 | | 30 Yr. FHA | 6.25% | +0.12 | 0.00 | | 30 Yr. Jumbo | 6.90% | +0.12 | 0.00 | | 7/6 SOFR ARM | 6.75% | +0.20 | 0.00 | | 30 Yr. VA | 6.25% | +0.11 | 0.00 | | Updates Daily - Last Update: 10/21 |
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| 15 Yr. Fixed Rate | | 6.19% +0.12% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 6.44% | +0.12 | 0.00 | | 15 Yr. Fixed | 5.63% | +0.22 | 0.00 | | Updates Weekly - Last Update: 10/17 |
| Rate | Change | Points |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 6.13% | -0.03 | 0.57 | | 15 Yr. Fixed | 5.47% | +0.05 | 0.52 | | 30 Yr. Jumbo | 6.47% | +0.06 | 0.50 | | Updates Weekly - Last Update: 9/25 |
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| Price / Yield | Change |
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| MBS | | UMBS 5.5 | 99.64 | -0.48 | | UMBS 6.0 | 101.14 | -0.35 | | GNMA 5.5 | 99.93 | -0.34 | | GNMA 6.0 | 100.96 | -0.25 | | Pricing as of: 10/21 5:31PM EST |
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| 10 Year US Treasury | | 4.1941 +0.1162 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 4.031 | +0.074 | | 5 YR Treasury | 3.984 | +0.102 | | 7 YR Treasury | 4.082 | +0.108 | | 10 YR Treasury | 4.194 | +0.116 | | 30 YR Treasury | 4.499 | +0.102 | | Pricing as of: 10/21 5:31PM EST |
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