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Mortgage News Letter


Mortgage News Daily

Mortgage Rates Unchanged Heading Into Holiday Week
Fri, 17 Nov 2017 22:28:42 GMT

Mortgage rates barely budged today--not too surprising considering today's bond market levels (which underlie rates) were roughly in line with yesterday's. The average lender is quoting conventional 30yr fixed rates of 4.0% or slightly lower for top tier scenarios. Movement has been minimal since October with day-over-day change most frequently occurring at the "cost" level. In other words, bond markets don't move enough every day for lenders to change interest rates by their standard 0.125% increments. Instead, the cost (or rebate) associated with any given rate serves as a fine-tuning adjustment. The cost is typically calculated based on a percentage of the loan amount. It can move by more than half a perfect in some cases ($500 for every $100k borrowed) before it would make sense for some ...read more

Mortgage Rates Slightly Higher
Thu, 16 Nov 2017 22:17:30 GMT

Mortgage rates moved higher today, but the changes were minimal for most lenders. Bond markets (which underlie interest rates) have been searching for inspiration recently and largely coming up short. This morning contained several economic reports and the House passed its tax bill in the afternoon, but none of those events caused much of a stir for bonds. In fact, all of the bond market movement responsible for today's higher rates occurred during Asian and European trading hours. When US traders got in for the day, bonds were almost perfectly sideways through 3pm. With next week bringing the Thanksgiving holiday and with the Senate not even taking up the tax bill debate until the following week (they're out all of next week), it's fair to wonder how much worse the lack of inspiration will ...read more

Mortgage Rates Lower After Inflation Data
Wed, 15 Nov 2017 21:09:03 GMT

Mortgage rates fell today, largely in response to the past two days of bond market improvement. In other words, lenders had been keeping their guard up ahead of today's key inflation data (The Consumer Price Index, or "CPI"). While it's true that a strong CPI report had the potential to push rates back to the highest levels since this summer, today's data wasn't strong enough. In fact, most of the metrics were roughly in line with forecasts. Still, the strength and resilience in bond markets shouldn't be discounted . Bonds also digested strong Retail Sales data and managed to maintain stronger levels achieved overnight. In general, "strength" in bond markets translates to lower mortgage rates, although there can be some lag between the two. Most lenders continue quoting conventional 30yr fixed ...read more

Mortgage Rates Mixed Depending on Lender; Volatility Ahead
Tue, 14 Nov 2017 21:46:34 GMT

Mortgage rates didn't move much today, despite moderate improvements in bond markets. Typically, stronger bond markets result in lower rates, but if anything, more lenders moved into slightly weaker territory. That has a lot to do with the fact that bonds were in weaker territory around the time most lenders put out the first rate sheets of the day. With bonds improving in the afternoon, several lenders have issued mid-day reprices, bringing their rate sheets more in line with the underlying market. In a broader sense, if we're not seeing widespread participation in mid-day reprices (and we're not), it's because underlying markets have yet to definitively overcome the slow, steady trend toward higher rates over the past few months. Tomorrow morning's Consumer Price Index brings the risk of ...read more

Mortgage Rates Sideways to Slightly Higher
Mon, 13 Nov 2017 22:53:15 GMT

Mortgage rates were unchanged to slightly higher today, keeping them in line with their highest levels in more than 2 weeks, depending on the lender. Bond markets (which underlie mortgage rates) were in slightly better shape this morning, but that failed to translate to rate sheet improvements due to bond market weakness on Friday afternoon. There were no significant economic reports or market moving headlines for bonds/rates today, but that will quickly change as the week progresses. Wednesday brings a key inflation report--the Consumer Price Index (CPI). Markets are also interested in any meaningful tax bill headlines, including the vote scheduled for the House version of the bill on Thursday. Amid this potential volatility, it's safer to assume the recent trend toward higher rates will remain ...read more