Mortgage Rates Hit New 2017 Lows; Vacation Home Sales Plunge; Renters Feeling Less Like Buying

Mortgage rates moved lower today--significantly in some cases--with the average lender making it back to 2017's lows for the first time since January. Rates came close to 2017's lows in late February and again last week before officially crossing the line today. Bond markets (which drive mortgage rates) benefited from investors seeking safe haven after headlines broke regarding North Korea's nuclear threats against South Korea and The U.S. Other geopolitical considerations regarding Russia's potential involvement with Syrian gas attacks and the French election added to the bond market gains. As bonds gain ground, prices rise and rates move lower. Lenders are now fairly evenly split between 4.0% and 4.125% in terms of the most prevalent conventional 30yr fixed quote on top tier scenarios. A

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/11/2737

Mortgage Rates Slightly Higher, But Steady Overall; Lender Changes to Fee/Price Caps

Mortgage rates rose slightly again today, despite moderate improvement in underlying bond markets. Typically, bond market improvement corresponds to lower rates. Today was an exception because of the timing of recent volatility. Friday afternoon saw a sharp deterioration in bond markets (implies rates moving higher), but for many lenders, it was too late in the day to reissue rate sheets. Those lenders had to wait until this morning to adjust rates higher to account for the bond market movement. In simpler terms, today's higher rates are merely a delayed reaction to Friday's bond market weakness. All that having been said, mortgage rate movement continues to take place inside an exceptionally narrow range . For the past 3 weeks, most borrowers would be quoted the exact same NOTE rate from most

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/10/2735

Rates Paradoxically Higher; Servicers May Have a Problem; Housing Sentiment Cools

Mortgage rates rose modestly today, compared to yesterday's latest levels. Compared to the morning's rate sheets however, the rise was sharper, but even then, we're talking about fairly small movement in the bigger picture. 4.125% is still easily the most prevalent conventional 30yr fixed quote for top tier scenarios, with the only change being in the form of slightly higher upfront cost. It was a volatile day for financial markets with news of air strikes in Syria being the focal point for overnight trading. Bond markets (which dictate mortgage rates) started the day off in much better shape as a result. Rates only found more benefit from the big jobs report, which was much weaker than expected. Weaker economic data tends to motivate bond buying and thus, lower rates. All of the rate-friendly

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/7/2731

Rates Steady Near 2017 Lows Ahead of Jobs Report; New Jumbo Programs Driving Credit Availability Index

Mortgage rates remained largely unchanged today, on average. Once again, there was a fair amount of volatility in bond markets (which dictate rates) during the day, but said volatility was contained in a narrow range that's persisted all week. In fact, all of this week's bond market movement has taken place inside the highs and lows set on Monday. There are less pleasant places for bonds/rates to be this indecisive. Indecision here means that rates continue to operate very close to their lowest levels of the year. Only a handful of days are better, and not by much. 4.125% remains the most prevalent conventional 30yr fixed quote on top tier scenarios. Tomorrow brings the typically-very-important Employment Situation (aka "the jobs report"). It always has the potential to cause a big move in

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/6/2729

Rates Unchanged With Help From Fed; Panel Explores New Credit Score Models; Purchase Apps Increase

Mortgage rates were noticeably higher to begin the day, but most lenders offered mid-day improvements after the release of the hotly-anticipated Fed Minutes (from the March 14-15 meeting). For those that don't necessarily follow every little movement in the bond market, it's ironic that tend to move down just after the Fed releases big news that should imply higher rates. For example, in the case of the past 3 Fed rate hikes, day-to-day mortgage rates had been moving higher leading up to the hike and then generally moved lower after the hike was announced. If you've heard the phrase "buy the rumor, sell the news," that's what this paradoxical movement is all about. Market participants are so tuned-in to what will PROBABLY happen that they've fully accounted for what ACTUALLY happens. Widespread

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/5/2727

Rates Hold Steady in Spite of Markets; First Read on Feb Home Prices Surprisingly Strong

Mortgage rates were steady to slightly lower today, even though bond market movement suggested a move higher. That's interesting because mortgage rates are driven primarily by bond market movement. It's not common to see the two moving in the opposite direction. So what gives? In today's case, the discrepancy is pretty easy to explain. Bonds and rates both improved fairly substantially yesterday. Bond markets improved a bit more in the afternoon and most lenders didn't have the time or the will to react with rate sheet improvements. The late day bond market gains also set a high bar for today's measurement of improvement. In other words, today's "day-over-day change" looks worse than it is, simply because yesterday's closing levels were so good. A more holistic view shows the bonds underlying

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/4/2725

Mortgage Rates Lowest in More Than a Month; Construction Spending Increases; Prepays Nosedive, but Cash-Out Near 50%

Mortgage rates fell fairly quickly today as investors adjusted bond market holdings for the new month (higher demand for bonds coincides with lower rates). Money managers have to hold a certain mix of bonds by the end of any given month and are then free to adjust holdings as the next month begins. This adjustment can often create some of its own momentum on the first day of any given month, but today saw more than normal. Most lenders are back to quoting conventional 30yr fixed rates of 4.125% on top tier scenarios. Last week, 4.25% was slightly more prevalent. That makes today's rates the lowest since February 24th, on average--just before the Fed began talking up its rate hike likelihood for the March meeting (resulting in a quick move higher for rates of all shapes and sizes). There are

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http://www.mortgagenewsdaily.com/reports/newsletter/2017/4/3/2723