Rates Relieving Some Pressure After Last Week's Highs

Mortgage rates hit fresh multi-decade highs last week with many lenders hitting the mid-7% range earlier in the week for top tier conventional 30yr fixed scenarios. There was some immediate relief on Wednesday, but things have been broadly sideways since then. Today's market movement put a bit more of a positive spin on the "sideways" vibes from the 2nd half of last week. The average lender is almost back down to 30yr rates of 7.25%. As always, the rates that we mention should not be considered in a vacuum. Their highest and best use is to measure the average day over day change, expressed in terms of an "effective rate" (one that accounts for upfront costs without needing a separate line item). With that in mind, from the recent peak, the index is down 0.20%, which means mortgage lenders are quoting actual rates anywhere between 0.125% and 0.25% lower compared to last Monday and Tuesday. Keep in mind, things can change rapidly as the week progresses. There are several economic reports that have a strong track record of causing volatility for rates--at least one on each of the remaining days this week.

August 28, 2023 Download our Mobile App: Download our Mobile App: Mortgage Rate Watch Rates Relieving Some Pressure After Last Week's Highs Mortgage rates hit fresh multi-decade highs last week with many lenders hitting the mid-7% range earlier in the week for top tier conventional 30yr fixed scenarios. There was some immediate relief on Wednesday, but things have been broadly side... (read more) MBS Commentary Fairly Uneventful But Perhaps Not For Long Fairly Uneventful But Perhaps Not For Long The week began with a perfectly normal example of a summertime Monday with lighter volume, no major movement, and trading levels remaining well inside the range of t... (read more) Rob Chrisman Credit Report, Buyer Research, Broker Processing Products; Guild and First Centennial Deal As the rumor spreads that millions of women are lined up to be weighed at the Fulton County Jail, we head into late summer and early autumn, rarely a time for increased home sale activity. The National Association of REALTORS®' total membership in Ju... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.29% -0.10% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.29% -0.10 0.00 15 Yr. Fixed 6.70% -0.07 0.00 30 Yr. FHA 6.88% -0.12 0.00 30 Yr. Jumbo 7.35% -0.01 0.00 5/1 ARM 7.18% -0.01 0.00 30 Yr. VA 6.90% -0.09 0.00 Updates Daily - Last Update: 8/28 15 Yr. Fixed Rate 6.70% -0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 7.23% +0.14 0.00 15 Yr. Fixed 6.55% +0.09 0.00 Updates Weekly - Last Update: 8/24 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 6.0 99.73 +0.16 Price / Yield Change MBS UMBS 6.0 99.73 +0.16 GNMA 6.0 99.81 +0.11 Pricing as of: 8/28 5:31PM EST 10 Year US Treasury 4.2100 -0.0210 Price / Yield Change US Treasury 2 YR Treasury 5.054 -0.024 5 YR Treasury 4.410 -0.026 7 YR Treasury 4.332 -0.026 10 YR Treasury 4.210 -0.021 30 YR Treasury 4.281 +0.002 Pricing as of: 8/28 5:31PM EST Latest Video The fast pace of yield growth is hurting variable loan borrowers: LPL Finan... Powell hit the tone and substance of the Jackson Hole speech as he needed t... The long-run effect of this interest rate cycle is getting more play, says ... Former Fed Vice Chair Roger Ferguson on the Fed's 2% inflation target Around the Web Calculated Risk Blog Fannie Mae Single-Family Mortgage Serious Delinquency Rate Lowest since 2002 CNBC Treasury yields lower after Fed chair signals possibility of more rate hikes Eye on Housing Wood-Framed Home Share Increased for Three Straight Years Calculated Risk Blog Housing August 28th Weekly Update: Inventory increased 1.3% Week-over-week; Down 9.3% Year-over-year Marketwatch Powell unsure of the need to tighten further forexlive Lagarde: "Pretty confident" that by end-2023 inflation numbers will look different CNBC Op-Ed: Less affordable homes don't just ruin American dreams, they're a threat to the economy CNBC Household debt is at an all-time high, but 2008 was still worse, report finds Calculated Risk Blog Forecast: Multifamily Starts will Decline Sharply CNBC Fed Chair Powell calls inflation 'too high' and warns that 'we are prepared to raise rates further' Calculated Risk Blog Fed Chair Powell: Inflation: Progress and the Path Ahead Calculated Risk Blog Q3 GDP Tracking: Moving Up CNBC Treasury yields edge higher ahead of Powell's Jackson Hole speech

© 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.