Tuesday, September 03, 2019

"Mortgage Rates Set Another Long-Term Low"

by Calculated Risk on 9/03/2019 07:25:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Set Another Long-Term Low

Mortgage rates had to endure some paradoxical momentum and delayed reaction to the broader bond market rally lately, but now, it's payback time! Not only have mortgagees been able to move lower over the past 4 days, but they've done so even as Treasury yields remained flat. More simply put, 10yr Treasury yields ended the day just over 1.45% on last Wednesday. Today's comparable closing level of 1.46%. Mortgage rates, on the other hand, are down 0.08-0.11% over the same time frame, depending on the lender. While it's not a massive improvement versus Friday's latest levels, today's average offering is nonetheless the best in 3 years. [Most Prevalent Rates 30YR FIXED - 3.5% - 3.625%]
emphasis added
Wednesday:
• At 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:30 AM: Trade Balance report for July from the Census Bureau. The consensus is for the U.S. trade deficit to be at $55.2 billion in July unchanged from $55.2 billion in June.

• During the Day: The BLS is scheduled to release Labor Force projections through 2028.

• All day: Light vehicle sales for August. The consensus is for light vehicle sales to be 16.9 million SAAR in August, up from 16.8 million in July (Seasonally Adjusted Annual Rate).

• At 2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.