Rates Move Nicely Lower Heading Into The Weekend

It's not a decisive victory, but rather, a nice way to end a week that had previously seen rates pushed over 7% for the first time in months. The bond market (which accounts for most of the day-to-day momentum in rates) started the day on a strong note (strong = lower rates implied). The strength turned to weakness for an hour or so after the day's hotly anticipated economic data. Thankfully, the data wasn't tremendously strong (strong data = higher rates) and bonds were able to get back on a stronger track throughout the afternoon. Multiple lenders issued mid-day price improvements. The net effect is a rate landscape that is still near the highest levels in months, but not as high as it was yesterday. It's also worth keeping in mind that the market is nimble and willing to react in a big way to important data on the horizon. We expect next week to be volatile for several reasons with the biggest move coming on Friday after the jobs report. There's no way to know if that move will push rates higher or lower, only that it could be very big.

March 3, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Rates Move Nicely Lower Heading Into The Weekend It's not a decisive victory, but rather, a nice way to end a week that had previously seen rates pushed over 7% for the first time in months. The bond market (which accounts for most of the day-to-day momentum in rates) started the day on a strong n... (read more) MBS Commentary Bonds Start Strong and Finish Stronger Despite Decent Data Bonds Start Strong and Finish Stronger Despite Decent Data Today's trading action flew in the face of the prevailing reaction function for the bond market. Specifically, an important economic report was... (read more) Rob Chrisman Jumbo, Broker, Performance Comparison, Internal Audit Products; Freddie and Fannie Updates I won’t sugar coat this. Here’s some rough news for lenders and LOs: With plenty of quant jocks to slice and dice numbers, Goldman Sachs tells us that 99 percent of borrowers have a mortgage rate lower than 6 percent or the current market rate, and a... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.97% -0.13% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.97% -0.13 0.00 15 Yr. Fixed 6.43% -0.07 0.00 30 Yr. FHA 6.39% -0.11 0.00 30 Yr. Jumbo 6.45% -0.05 0.00 5/1 ARM 6.59% +0.01 0.00 30 Yr. VA 6.45% -0.09 0.00 Updates Daily - Last Update: 3/3 15 Yr. Fixed Rate 6.43% -0.07% 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 99.61 +0.41 Price / Yield Change MBS UMBS 5.5 99.61 +0.41 UMBS 6.0 101.05 +0.31 GNMA 5.5 100.25 +0.36 GNMA 6.0 101.31 +0.25 Pricing as of: 3/3 5:31PM EST 10 Year US Treasury 3.9560 -0.1056 Price / Yield Change US Treasury 2 YR Treasury 4.861 -0.029 5 YR Treasury 4.247 -0.067 7 YR Treasury 4.142 -0.093 10 YR Treasury 3.956 -0.106 30 YR Treasury 3.878 -0.123 Pricing as of: 3/3 5:31PM EST Latest Video The Fed is paying more attention to the Taylor rule, says Stanford Professo... Keep your eye on the commercial property area, says Art Cashin Non-manufacturing PMI dips to 55.1 in February Mortgage rates top 7% Around the Web Calculated Risk Blog Inflation Adjusted House Prices 3.9% Below Peak CNBC Mortgage rates jump back over 7% as inflation fears drive yields higher Yahoo US service sector steady in February - ISM survey CNBC Treasury yields decline as investors look to Fed speakers for policy hints Calculated Risk Blog Year-over-year Rent Growth Continues to Decelerate Calculated Risk Blog ISM Services Index at 55.1% in February Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 190,000 Wall Street Journal Fed Might Be Winning Inflation Fight, Depending on Index Used Calculated Risk Blog Heavy Truck Sales Unchanged Year-over-year 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 Calculated Risk Blog Hotels: Occupancy Rate Down 1.5% Compared to Same Week in 2019 CNBC Europe markets set to open higher as investors digest Fed comments, inflation data

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