It was an uneventful day for mortgage rates with the average lender holding right in line with last Friday’s levels. In this case, that’s a good thing. On the day before and/or after a 3-day weekend, rates tend to be more volatile than normal. That was certainly the case last Friday as the MND rate […]
Mortgage Rates Stay Flat to Start New Week Read More »
The RBA rate hike fall out continues as new data shows the typical first home buyer now borrows more than $600,000 to buy. The size of an average first home buyer lifted 8.5% in the December quarter to $607,624 – the first signal of the impact of the 5% Deposit Scheme’s expansion on mortgage sizes.
RBA hike hits as the average first mortgage surpasses $600k Read More »
When the administration announced that Fannie and Freddie would be buying mortgage-backed securities in early January, rates fell sharply to the lowest levels in more than 3 years. After a moderate rebound the following week, we’ve been holding mostly steady in a range that was 0.1-0.2 above those long-term lows. The past two days have
Mortgage Rates Oh So Close to 3 Year Lows Read More »
Just one day after an incredibly strong jobs report–something that would normally create problematic upward momentum for rates–the average lender is back to the lowest levels since January 16th. At the risk of overusing a played-out metaphor, this was not on many experts’ bingo cards. Even with the benefit of hindsight, it’s not entirely possible
Mortgage Rates Slide to New Multiweek Lows Read More »
Mortgage application activity was essentially flat last week, almost impressively so. After much recent volatility, the index is finding a brief moment of stability, and borrowers seem content continue to weigh affordability challenges and wait for clearer movement in rates. The Mortgage Bankers Association (MBA) reported that applications decreased 0.3% (seasonally adjusted) for the week
Calmer Week For Mortgage Apps Read More »
Mortgage rates fell on Tuesday following a downbeat Retail Sales report. At 0.05%, it was the largest single-day drop since the uncommonly big 0.15% drop on January 9th. This also takes the average 30yr fixed rate to 6.11%, easily below its recently narrow range of 6.15-6.20. The bonds that drive mortgage rates are always tuned
Lowest Mortgage Rates in More Than 3 Weeks Read More »
The past 2 weeks have seen very little volatility for mortgage rates. After being near 6% for a week in early January, rates rose abruptly to 6.21% (avg top tier 30yr fixed) on January 20th in response to geopolitical drama. They’ve generally descended since then, but in slow, measured steps. Today’s result was actually a
Mortgage Rates Roughly Flat to Start The Week Read More »
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BBYS, Servicer Risk, Verification Tools; Non-Agency News; Why Mortgage Rates Are Sticky Read More »
In the bigger picture, the past two and a half weeks have been marked by a very narrow range in the bond market. Because bonds dictate mortgage rates, the latter have also been in a narrow range with average top tier 30yr fixed rates of 6.15-6.20%. Yesterday’s employment-related data helped bonds improve. Many lenders made
Mortgage Rates Match Lowest Levels in Over 2 Weeks Read More »
Mortgage rates are driven by bonds and that bonds care about employment data. There are quite a few different economic reports that focus on various employment metrics. Next Wednesday’s jobs report is the biggest ticket by far, but other reports can move the needle at times–especially when they fall far from forecasts or previous readings.
Mortgage Rates Fall After Downbeat Employment Data Read More »