
Rates and the Mortgage Market Monday July 29, 2024
Mortgage rates and the bond market seem to be holding steady around where rates ended last week. The market opened today with the following data: at 8:37 AM: MBS are up +6bp. No major economic data will be released today.at 10:AM: MBS are up +3bp (UMBS 30yr 6.0 at 101.09), around 13bp higher than Friday at this time. It has been a quiet morning ahead of the Fed meeting on Wednesday and the Employment report on Friday. No major economic data will be released today. The Dow is up 50 points.
The rate update: For a 30 year conventional fixed rate mortgage, the par rate is 6.875%/APR 7.052%, on a $400,000 purchase w/20% down and loan of $320,000 with a P/I payment of $2,102. Lowest rate at 5.750%/APR 6.238% with $10,672 in discount points to buydown the rate with a P/I payment of $1,867.