Today's mortgage rates¬†are higher.
Stronger than expected Retail Sales data caused MBS to move lower this morning. January Retail Sales rose 0.2% from December, above the consensus for an increase of 0.1%. Excluding the volatile auto component, retail sales rose 0.1%, above the consensus for no change. Upward revisions to the December results for both readings added to the strength of the report.
As a mortgage rate shopper, it's important to know when today's rates are changing. This is because, when mortgage rates change, mortgage lenders will not honor rate quotes which have not been previously "locked".
To lock today's mortgage rates, then, be sure to commit with your lender before current rates begin to move. Whether you're trying to lock a purchase or a refinance loan, the market waits for no one.Click to see today's rates (Feb 12th, 2016)
Today's mortgage rate analysis is based on live mortgage-backed securities (MBS) pricing provided by¬†MBSQuoteline, a real-time mortgage market data service available to loan officers, real estate agents, and other finance professionals.
The MBS data supplied by MBSQuoteline is the same market data used to formulate current mortgage rates by the nation's mortgage lenders.
The chart at top depicts today's Fannie Mae mortgage bond pricing. Fannie Mae bonds are linked to conventional mortgage rates which include mortgage rates for programs such as the Home Affordable Refinance Program (HARP 2.0), the 3-percent down¬†Conventional 97 loan, the HomePath mortgage program, and others.
MBS prices are inversely related to¬†today's mortgage rates. When bond prices rise, mortgage rates sink.¬†In general, a twenty-five basis point change in MBS pricing -- up or down -- leads to a 0.125 percentage point change in mortgage rates.
Note that the chart above does not depict the path of today's Ginnie Mae mortgage bonds, although Ginnie Mae bonds and Fannie Mae bonds tend to move in similar directions.
Ginnie Mae bonds correlate¬†to today's mortgage rates for FHA loans, such as the¬†FHA Streamline Refinance, which are¬†insured by the Federal Housing Administration; VA loans guaranteed by the Department of Veterans Affairs; and USDA loans guaranteed by the U.S. Department of Agriculture.
Mortgage rates change all day, every day. The mortgage rates you get from your bank "now" won't be the same rates you get from your bank in an hour. Be smart when you shop. Compare multiple lenders and get your best deal.
Get¬†today's real-time¬†mortgage rates now. Your social security number is not required to get started, and all quotes come with instant access to your live credit scores.Click to see today's rates (Feb 12th, 2016)
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
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2016 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)