Mortgage Rates Move Moderately Lower
May continues to be a more volatile month than the bulk of April when it comes to day over day mortgage rate movement. While the average day has seen that volatility play out in favor of higher rates, today was thankfully the opposite. Yesterday's latest levels left the average lender at 6 week highs with a top tier 30yr fixed rate of 6.57. The underlying bond market was already beginning to recover yesterday afternoon. Combined with additional, modest bond market improvement overnight, today's 30yr fixed rate fell to 6.52% on average. The Iran war remains the primary source of volatility for markets. Some analysts expect more traction on a peace deal to come out of Trump's meeting with Xi (which will continue into tomorrow). This is far from a given, but if it happens, it would almost certainly put additional downward pressure on rates.
Categories
Recent Posts

Early Gains. Flat Afternoon. MBS Underperform

New Home Sales Slide to Multi-Year Lows

Mortgage Applications Edge Higher Despite Elevated Rates

Housing Starts Not Nearly as Scary Without Weird Multifamily Nosedive

Credit and Verification, AI Compliance, CRA Sourcing Tools; Housing Bill Stalls; HMDA Data; Inflation Hopes and Rates

Sideways Start, Quiet Calendar, Quarter-End Volatility Potential

Mostly Holding Yesterday's Big Gains

Lowest Mortgage Rates Since May 14th

Borrower Retention, AI Governance, Jumbo Products; Borrower Recapture Trends; MLO Opportunity Thoughts

Decent Start After PCE Comes in On-Target
sam@samiamhouses.com


