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Daily updates on interest rates
Interest Rate
6.000%
APR
6.432%
Points
1.250
Last Updated
22 Aug 2025
Interest Rate
6.125%
APR
6.287%
Points
1.375
Last Updated
22 Aug 2025
Interest Rate
6.500%
APR
6.608%
Points
0.816
Last Updated
22 Aug 2025
Interest Rate
6.000%
APR
6.149%
Points
1.000
Last Updated
22 Aug 2025
Interest Rate
5.875%
APR
6.220%
Points
1.106
Last Updated
22 Aug 2025
Interest Rate
6.000%
APR
6.169%
Points
1.125
Last Updated
22 Aug 2025
Interest Rate
6.490%
APR
6.636%
Points
0.875
Last Updated
22 Aug 2025
Interest Rate
6.500%
APR
6.681%
Points
0.979
Last Updated
22 Aug 2025
Interest Rate
6.500%
APR
6.638%
Points
0.816
Last Updated
22 Aug 2025
Interest Rate
6.625%
APR
6.899%
Points
1.625
Last Updated
22 Aug 2025
Interest Rate
5.625%
APR
5.805%
Points
0.859
Last Updated
22 Aug 2025
Interest Rate
5.750%
APR
6.005%
Points
1.000
Last Updated
22 Aug 2025
Interest Rate
5.625%
APR
5.855%
Points
0.868
Last Updated
22 Aug 2025
Interest Rate
6.000%
APR
6.639%
Points
0.728
Last Updated
22 Aug 2025
Interest Rate
6.000%
APR
6.668%
Points
0.728
Last Updated
22 Aug 2025
22 Aug 2025
All eyes were on Fed Chair Jerome Powell today as he spoke at the Jackson Hole conference, and his comments gave the bond market (and mortgage rates) a reason to cheer.
In his remarks, Powell acknowledged that the risks to the economy have shifted, especially with the weaker jobs report that came out shortly after the last Fed meeting. Importantly, he suggested that the Fed may need to adjust its approach to balance those risks. He also downplayed concerns that recent tariff driven inflation would be long-lasting, noting that slowing job growth poses a bigger challenge.
The bond market reacted immediately. Bond prices moved higher (which means yields and mortgage rates moved lower), with short-term bonds leading the rally since they are most closely tied to Fed policy expectations.
What this means for homebuyers: Mortgage rates improved today, with bond markets moving back toward their strongest levels of 2025. While rates are still influenced by day-to-day volatility, Powell’s speech reinforced expectations that relief could be on the horizon if economic risks continue to build.
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21 Aug 2025
Today brought the most important batch of economic data this week, and the results weren’t favorable for mortgage rates.
At first, jobless claims and the Philadelphia Fed report gave bonds some support, which normally would have helped keep rates steady. But that optimism faded quickly. A closer look at the Philly Fed data showed higher inflation pressures, which made investors cautious.
Then came the S&P PMI reports at 9:45 a.m., and that’s where the bigger concerns showed up. Both manufacturing and services sectors reported higher costs, largely tied to new tariffs. Companies said input costs rose at the steepest pace in months, with manufacturing seeing its second-biggest cost increase since 2022.
For mortgage rates, this matters because higher inflation tends to push bond prices down, which pushes yields and therefore rates higher. That’s why bonds fell to their weakest levels of the morning after the PMI data.
Bottom line: today’s data signals that inflation pressures aren’t going away just yet, and that could keep mortgage rates from moving lower in the near term.
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20 Aug 2025
With very few major economic reports on the calendar, it might be tempting to think today’s release of the Federal Reserve meeting minutes (from the July 30th meeting) could shake up the bond market and impact mortgage rates. But the reality is probably not.
These minutes are effectively a look back at what the Fed was thinking before the most recent jobs report and before two important inflation reports were released. Since then, we’ve already heard from several Fed officials, many of whom have commented on the newer data. That means the minutes are more of a summary than a source of new information.
Could the release still move markets? It’s possible, but not likely. The Fed has become increasingly transparent in recent years, and much of what’s in the minutes has already been communicated through speeches and interviews since the meeting took place.
In other words, for mortgage rates, the bigger potential market mover this week remains Fed Chair Jerome Powell’s speech at the Jackson Hole conference on Friday, not today’s release of the meeting notes.
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18 Aug 2025
With very little on today’s economic calendar, the bond market and by extension mortgage rates have been moving mostly on trading momentum rather than new information. Early selling in both the futures and stock markets (following the 8:20am and 9:30am openings) pushed bond prices slightly lower, which has translated into a small move higher in rates.
The only scheduled economic report today was the NAHB Home Builder Confidence Index, which generally doesn’t carry much weight with investors. As a result, market movement is being driven by seasonal “summertime” trading, where a lack of data often makes the market more sensitive to even small shifts in sentiment.
For homebuyers, this means mortgage rates are a little higher this morning not because of any negative economic news, but simply due to light trading activity and a lack of stronger data to push rates in the other direction.
The Week Ahead
Here are the key economic events over the next seven days that could influence mortgage rates:
Tuesday – Existing Home Sales
This report shows how many previously owned homes were sold. A stronger-than-expected number could point to a healthier housing market and stronger economy, which tends to push bond prices down and mortgage rates up. A weaker reading would likely support bond prices and help rates move lower.
Thursday – Weekly Jobless Claims and Durable Goods Orders
Jobless claims tell us how many people are filing for unemployment benefits. More claims suggest a cooling labor market, which normally helps bond prices rise and rates fall. Fewer claims suggest continued strength and can push rates higher.
Durable Goods Orders track new orders for long-lasting manufactured goods. Strong growth signals economic strength and can push bond prices down and rates higher. Weak results typically help rates move lower.
Friday – Personal Income & Spending + PCE Inflation
This is one of the most closely watched inflation reports. If consumer spending stays strong and inflation readings come in higher than expected, bond prices may fall and mortgage rates could rise. If the data shows slower spending and cooler inflation, bond prices often rise and mortgage rates tend to fall.
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15 Aug 2025
This morning’s Retail Sales report showed a solid increase of 0.5%, right in line with expectations. Even better, the “core” measure of retail sales which excludes categories like gas, cars, and building materials came in slightly stronger than expected and last month’s numbers were revised higher.
Normally, stronger consumer spending like this could put upward pressure on mortgage rates, since it suggests the economy is still on solid footing. Strong economic data often causes investors to move money out of bonds and into stocks, which pushes bond prices down and mortgage rates up.
But that didn’t happen today. While there was a small reaction in the bond market immediately after the report, it wasn’t enough to cause a noticeable change in mortgage rates. Markets are essentially holding steady and waiting for the next major economic signal.
For homebuyers, that means mortgage rates remain in roughly the same range and continue to show stability in the short term.
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14 Aug 2025
Today’s Producer Price Index (PPI) a key measure of inflation at the wholesale level came in much hotter than expected. Both the overall and “core” readings rose 0.9% for the month, far above the 0.2% economists were predicting.
The biggest driver of the jump was “trade services,” which reflects wholesalers and retailers increasing their profit margins. Other areas showing higher prices included machinery and equipment, portfolio management, and even vegetables.
For mortgage shoppers, this matters because hotter inflation data can push back expectations for when the Federal Reserve might start cutting interest rates. While this report erased an overnight bond rally and caused some weakness, the reaction wasn’t as sharp as it would have been if consumer inflation (CPI) had jumped by a similar amount.
The reason? PPI tends to be more volatile, and not all of its components feed directly into consumer prices. That said, if future reports show inflation heating up again, it could limit how quickly mortgage rates drop in the months ahead.
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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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