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Daily updates on interest rates
Interest Rate
5.875%
APR
6.029%
Points
1.000
Last Updated
06 Jun 2025
Interest Rate
6.500%
APR
6.653%
Points
1.500
Last Updated
06 Jun 2025
Interest Rate
6.750%
APR
6.850%
Points
0.787
Last Updated
06 Jun 2025
Interest Rate
6.250%
APR
6.414%
Points
1.125
Last Updated
06 Jun 2025
Interest Rate
6.250%
APR
6.586%
Points
0.914
Last Updated
06 Jun 2025
Interest Rate
6.250%
APR
6.434%
Points
1.250
Last Updated
06 Jun 2025
Interest Rate
6.750%
APR
6.911%
Points
1.000
Last Updated
06 Jun 2025
Interest Rate
6.750%
APR
6.928%
Points
0.909
Last Updated
06 Jun 2025
Interest Rate
6.750%
APR
6.874%
Points
0.787
Last Updated
06 Jun 2025
Interest Rate
7.000%
APR
7.277%
Points
1.625
Last Updated
06 Jun 2025
Interest Rate
5.875%
APR
6.006%
Points
0.605
Last Updated
06 Jun 2025
Interest Rate
5.875%
APR
6.131%
Points
1.000
Last Updated
06 Jun 2025
Interest Rate
5.875%
APR
6.043%
Points
0.605
Last Updated
06 Jun 2025
Interest Rate
6.375%
APR
6.778%
Points
0.860
Last Updated
06 Jun 2025
Interest Rate
6.375%
APR
6.801%
Points
0.860
Last Updated
06 Jun 2025
06 Jun 2025
Investors went into today’s jobs report expecting weaker numbers, largely due to disappointing economic data earlier in the week. Reports on private payrolls and service sector growth had hinted at a possible slowdown, so the bond market had already started adjusting in anticipation of a weak headline number.
When the actual jobs report came in showing 139,000 new jobs, just slightly above expectations, traders had to reverse course. It wasn’t a strong report, but it also wasn’t weak enough to support a further drop in bond yields. The market also took note of a downward revision to last month’s numbers, but even after that change, job growth still looks solid in the bigger picture, especially with unemployment holding steady at 4.2%.
For homebuyers, the takeaway is that today’s report didn’t deliver the kind of weak economic signal that usually pushes mortgage rates lower. As a result, rates remain relatively stable to close out the week.
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05 Jun 2025
Mortgage rates were slightly lower this morning as bond prices climbed early in the session, but those gains didn’t last long. Within about 20 minutes, the market reversed direction, which often signals that investors are reacting to something more than just the day’s economic data.
Two global events seem to have played a role. First, there was a phone call between former President Trump and Chinese President Xi, which triggered sharp moves in the stock market. Stocks jumped when the call was announced but then quickly dropped once it ended without any meaningful updates. Second, a policy announcement from Europe’s central bank caused changes in foreign bond markets, which often influence U.S. bond trends as well.
In the end, all the excitement pushed bond prices back toward where they started, leaving mortgage rates relatively unchanged from yesterday. For homebuyers, this is a reminder that rates can shift even without major U.S. economic data, especially when global politics or central bank actions come into play.
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04 Jun 2025
This morning brought two key economic reports, both showing weaker results than expected, which gave bond prices a boost and helped bring mortgage rates slightly lower.
First up was the ADP employment report, which showed only 37,000 new private sector jobs were added in the past month, well below the 115,000 that economists had predicted. While this report doesn’t always line up perfectly with Friday’s more important government jobs report, it still gives investors a reason to anticipate a cooling job market.
The second report, on the health of the services sector (which includes everything from restaurants to real estate), also showed signs of slowing. Most of the growth numbers came in lower than expected. However, one part of the report, the employment index, ticked slightly higher, and the prices paid by businesses continued to rise. That price pressure can be a red flag for inflation, which tends to push rates higher.
So while today’s weaker overall data helped pull bond yields and mortgage rates, down a bit, markets are still watching inflation trends and Friday’s jobs report closely for a clearer direction.
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03 Jun 2025
Mortgage rates started the day with some potential for improvement thanks to a modest overnight rally in the bond market. Bond yields had dipped slightly, which usually points to lower mortgage rates. But that rally faded quickly once new job market data came in stronger than expected.
The number of job openings came in higher than analysts predicted, signaling continued strength in the labor market. For homebuyers, this matters because when the economy shows signs of strength, investors often pull money out of bonds and shift it to stocks. As bond prices fall, yields and mortgage rates tend to rise.
Adding to the pressure was a comment from a Federal Reserve official suggesting that interest rates may need to stay elevated longer than markets had hoped. While the impact on mortgage rates wasn’t dramatic, it was enough to keep them from moving lower today.
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02 Jun 2025
Today’s ISM Manufacturing report, a key indicator of economic health, came in weaker than expected. For homebuyers, this matters because softer economic data can ease pressure on interest rates, including mortgage rates. While the report didn’t spark a dramatic market reaction, it likely helped prevent rates from rising further.
With no other major data released today, investors are paying close attention to any signs of economic slowdown, which can influence how the bond market behaves. Since mortgage rates tend to follow the direction of bonds, even small shifts in economic reports like this can help shape where rates are headed next.
The Week Ahead
Here are the key economic events scheduled for the next seven days that could influence mortgage rates:
Tuesday, June 3 – Factory Orders (April)
This report tracks the total value of new orders placed with manufacturers. An increase suggests stronger economic activity, which can lead to lower bond prices and higher mortgage rates. Conversely, a decrease may indicate a slowing economy, potentially boosting bond prices and lowering rates.
Wednesday, June 4 – Beige Book Release
The Federal Reserve’s Beige Book summarizes economic conditions across various regions. Positive assessments can signal economic strength, possibly leading to higher rates. Negative or cautious outlooks may have the opposite effect.
Thursday, June 5 – Weekly Jobless Claims
This report provides the number of individuals filing for unemployment benefits. A lower number indicates a robust job market, which can decrease bond prices and increase rates. A higher number may suggest economic weakness, potentially leading to higher bond prices and lower rates.
Friday, June 6 – Employment Situation Report (May)
This comprehensive report includes data on job creation, unemployment rates, and wage growth. Strong job growth and rising wages can lead to lower bond prices and higher mortgage rates. Weak job numbers may boost bond prices and reduce rates.
Friday, June 6 – U.S. Trade Balance (April)
The trade balance measures the difference between exports and imports. A larger deficit can be seen as a negative economic indicator, potentially increasing bond prices and lowering rates. A smaller deficit might have the opposite effect.
Understanding the Impact
Mortgage rates are closely tied to the bond market. When bond prices rise, yields (and thus mortgage rates) tend to fall. Strong economic news often leads investors to favor stocks over bonds, decreasing bond prices and increasing rates. Conversely, weak economic data can make bonds more attractive, raising their prices and lowering rates. Keeping an eye on these reports can help you anticipate potential changes in mortgage rates.
Sign up for Rate Alerts at MortgageNews.org and receive mortgage rate quotes tailored to your individual situation from YourWayLoan & Encompass Lending Group.
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30 May 2025
Today’s PCE inflation report—one of the government’s main measures of consumer prices—came and went with little fanfare. While it’s technically more comprehensive than the CPI report, it tends to have less impact on markets because it’s released later and is easier for traders to predict based on other data. For homebuyers keeping an eye on mortgage rates, that means today’s inflation numbers didn’t offer much in the way of surprises or rate movement.
Instead, market attention is shifting toward month-end trading activity, which can cause unpredictable movements in bond markets. Since mortgage rates are closely tied to bonds, these fluctuations can still influence rates in the short term, even if they’re not tied to major economic news. The bigger picture? Markets remain more focused on how inflation trends will play out over the next few months as the impact of tariffs and other policies becomes clearer.
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19 Apr 2025
Deciding Whether to Lock in Your Mortgage Rate? Here’s What You Need to Know
“Should I lock in my mortgage rate now or wait?” It’s the question on every homebuyer’s mind. While we all wish for a crystal ball to give us the answers, the truth is, there’s no one-size-fits-all solution. But, don’t worry, I’ve got some insights to help guide your decision. Float simply means you have not locked in your interest rate and the rate or the points will continue to fluctuate daily with the market. Locking means you have locked in the interest rate and points.
Be aware: Just because you have asked your lender to lock in the interest rate doesn’t mean you ‘ll be approved. Depending on your credit score, or numerous other factors, the final rate and points could vary. If you are denied approval for that loan program and you are approved for a different loan program that lock won’t be valid on the new program. In short, unless you have full loan approval just because you are locked, the final rate and points could change.
First Up: If You Want a Sure Thing…
If you’re looking for a straightforward answer, and you’d rather not gamble on what rates will do next, then locking in your rate is the way to go. It’s like choosing a fixed price for your gas for the next ten years, regardless of whether prices go up or down.
But, If You’re Feeling a Bit More Adventurous…
Accepting that no one has a crystal ball can be liberating. You might think experts have the inside scoop, but in reality, predicting market movements is as much a gamble for them as it is for you. Even though it might seem like there’s a method to the madness, market predictions have proven to be a hit or miss.
The Catch with Predictions
Because everyone consumes information differently, we tread lightly with our predictions. You’ll rarely see us lean too heavily one way without mentioning other possibilities. It’s not about telling you what will happen; it’s about giving you the knowledge to make your own informed decisions. Think of it as learning to fish instead of being given a fish.
Considering Locking Your Rate? Think About This…
Many folks lean towards waiting for rates to drop before they lock in, attracted by the potential savings. But, there’s a pattern among the pros: the more they understand the market, the more they tend to lock in rates early. This doesn’t mean one strategy is universally better; it’s about managing risk and personal preference.
When Floating Could Work in Your Favor
When It’s a Gamble to Float
Solid Reasons to Lock In
A Reality Check on Predicting the Future
Day-to-day, predicting mortgage rates is a gamble. Historical trends suggest that trying to outsmart the market often doesn’t end well. Remember, if it seems obvious to you, others have likely already acted on it. Keep in mind, that if you could predict rates you would make millions of dollars a year as a bond trader!
So, What’s Next?
If you’re tempted to test your theories without risking real money, go for it! Keep a record and see how you do over a few months. If you find a winning strategy, keep it to yourself and maybe consider a career in hedge funds. Otherwise, understand that it’s often a 50/50 chance, and make your lock or float decision with that in mind.
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19 Apr 2025
When you’re in the market to buy a home, understanding mortgage interest rates is crucial. One of the key factors that influence these rates is the yield on the US 10-Year Treasury Bill (T-Bill). But how exactly does this relationship work, and why should you, as a potential homebuyer, care? Let’s break it down.
The US 10-Year Treasury Bill is a government debt security that matures in ten years. When you buy a T-Bill, you’re essentially lending money to the US government, which in return pays you interest. The yield on the 10-Year T-Bill is considered a benchmark for long-term interest rates, including mortgage rates.
Mortgage interest rates, particularly for 30-year fixed-rate mortgages, often move in tandem with the yield on the 10-Year T-Bill. Here’s why:
As a prospective homebuyer, understanding the relationship between the 10-Year T-Bill yield and mortgage rates can help you make informed decisions. Here are some key takeaways:
The yield on the US 10-Year Treasury Bill is a significant indicator for mortgage interest rates. By keeping an eye on T-Bill yields, you can gain valuable insights into mortgage rate trends and the overall economic environment. This knowledge can empower you to make more strategic decisions as you navigate the home buying process, ensuring that you secure the best possible mortgage terms for your new home.
Remember, while the 10-Year T-Bill yield is a key factor, it’s just one piece of the puzzle. Always consider consulting with a mortgage professional to understand all the factors that might affect your specific situation. Happy house hunting!
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10 Apr 2025
If you’re in the market to buy a home, you’ve likely come across the term “CPI” and heard how it can affect mortgage interest rates. But what exactly is CPI, and why does it matter to you as a homebuyer? Let’s break it down into simple terms.
CPI stands for the Consumer Price Index. Think of it as a thermometer measuring the health of the economy by tracking the cost of a basket of goods and services that typical consumers buy, such as groceries, clothes, and medical services. The CPI report, released monthly by the Bureau of Labor Statistics, shows whether this basket’s cost has gone up or down, essentially measuring inflation or deflation.
The CPI is a crucial indicator for both the economy’s health and the direction of mortgage interest rates. Here’s why:
Mortgage rates don’t directly follow the CPI, but they are influenced by the actions the Federal Reserve takes in response to CPI data. Here’s how:
As a homebuyer, understanding CPI and its impact on mortgage rates can help you make informed decisions:
While CPI is just one of many factors affecting mortgage rates, it’s a critical one that provides valuable insights into economic trends. By understanding CPI, you can better anticipate changes in mortgage rates and plan your home purchase with more confidence. Remember, a well-informed homebuyer is a smart homebuyer.
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09 Apr 2025
When you’re looking into getting a mortgage, you’ll likely come across the term APR, or Annual Percentage Rate. Think of APR as the true cost of borrowing money for your home, which usually ends up being more than just the interest rate your lender talks about.
Here’s the thing, though: calculating APR involves a mix of upfront costs and a bit of human guesswork. Because of this, it’s not a perfect measure. Just because one lender offers a slightly lower APR doesn’t automatically mean you’re getting a better deal.
Let’s dive into something called “prepaid finance charges” (PFCs). These are basically fees you pay upfront to get your mortgage, not for any actual service like homeowners insurance (which you’d pay for regardless of a mortgage). Whether it’s a fee for processing your loan or something else, these PFCs are a big part of figuring out your APR.
Whether a loan has a lot of these charges or just a few isn’t necessarily good or bad. Sometimes, lenders might offer you a higher interest rate to cover these fees, meaning you don’t pay them upfront but over the life of your loan instead. This choice boils down to paying more now or more later.
The reason APR is important is because lenders have to tell you what it is by law, aiming to show the real cost of your loan. Sounds helpful, right? Well, it’s a bit more complicated because lenders calculate APR in their own ways. While most follow similar methods, some might tweak the numbers to make their APR look more appealing. Some lenders might also play it safe with what they count as a PFC to avoid getting in trouble with regulators, which can make their APR seem higher even if the upfront costs are the same.
You might see a lower APR, but because it has a lot of upfront fees it could be a bad option for you if you plan to sell the home, or refinance, in a few years. That’s because the APR is calculated over the whole term of the loan, but not many people actually keep the home or the loan for thirty years!
When comparing APRs make sure you are comparing the same type of loan. Don’t compare the APR for a 30 year fixed rate mortgage against and APR for an adjustable rate mortgage.
So, here’s the takeaway: Don’t just take an APR at face value. To really see which mortgage offer is better, you’ll need to compare the nitty-gritty details of those upfront costs. It’s a bit of a hassle, but it’s the best way to make sure you’re truly getting the best deal on your mortgage.
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09 Apr 2025
You want the lowest payment on your mortgage, right? So what is a mortgage rate exactly and who determines it?
Here’s a simple way to understand it:
A mortgage is a loan that you promise to repay. And it’s secured by your house…so if you don’t pay it back the lender gets to take the house. That makes it a pretty safe loan for the lender. In the lending world, safe usually means a lower interest rate.
While you might get a small loan from a credit union and pay that credit union back directly, mortgages are usually pretty large (especially with house prices today) so most mortgages eventually get bundled together with other similar mortgages and big investors buy them. A bunch of mortgage loans pooled together is usually sold as a mortgage backed security.
That’s not super important for you to understand, except for one thing…the market determines the interest rates, not your loan officer, underwriter or even the president of the mortgage company.
In the past thirty years rates have been over 10% and as low as around 3%. But none of that matters, because the interest rate today is determined by the market.
The market is simply what investors are collectively willing to lend money at. Investors want the best risk adjusted return on their money. Investors can do lots of things with their money such as buy US government bonds, invest in mortgage backed securities, or lend money to companies (not to mention investing in stocks, etc). Since a US government bond is considered the safest, that usually has the lowest interest rate. A mortgage to someone with perfect credit and a big down payment would be safer than a mortgage to someone that had a recent bankruptcy and a small down payment. A loan to Apple would be safer than a loan to a small company that isn’t profitable.
Since mortgage rates are usually considered pretty safe, but not as safe as a US government bond, mortgage rates will usually be higher than than a US government bond, but track pretty closely.
Since a 30 year fixed rate mortgage usually ends up getting paid off in around 10 years, mortgage rates are usually pretty correlated to the 10 year US treasury notes.
The federal reserve doesn’t control mortgage rates, but since they control the federal funds rate essentially the prime rate they indirectly control mortgage rates, because those investors just want the best and safest return. If the Federal Reserve raises rates in other areas mortgage rates will usually follow up up0, or if teh Federal Reserve is lowering other rates then mortgage rates will usually trend down.
The biggest impact on mortgage rates is inflation. Each week different economic reports are released. These reports influence the Federal Reserve’s actions and ultimately teh Federal Reserve is trying to keep the economy growing at a moderate pace with a little bit, but not too much inflation. We have another article on inflation, but the bottom line is that high inflation equals higher rates. Low inflation means lower rates. Bad economic news is usually good for interest rates (careful what you wish for…a low mortgage rate won’t help much if you’re unemployed).
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