Where Rates Stand Today
Market News
- Fresh tension in the Strait of Hormuz. Reports overnight of an attack on ships in the Strait — reportedly for not following an approved shipping route — pushed oil prices modestly higher and raised new questions about how durable the region's recent peace arrangement really is.
- Shipping traffic through the Strait drops sharply. Daily transits had been recovering toward more normal levels in recent weeks, but fell off a cliff in the immediate aftermath of the incident — a shift that could bring higher insurance costs and renewed volatility if it continues.
- Home values keep climbing through the spring season. The latest home-price data show solid month-over-month and year-over-year gains, with the busiest homebuying months of the year driving some of the strongest appreciation in recent memory — and forecasts call for that trend to continue into the second half of the year.
- Job growth is moderating. Weekly employment data point to a slower hiring pace than earlier this year, a trend that lines up with recent softer-than-expected government jobs figures and meaningful downward revisions to prior reports.
- Mortgage bonds are testing key support. Bonds are hovering right at an important technical support level, while the 10-year note has stalled just below a level that's held for several sessions — a break in either direction could set the tone for the rest of the week.
"Mortgage bonds are testing important support today — a break lower would open the door to further rate increases, so it's worth watching closely."
With the 30-year fixed near 6.63% and FHA loans around 6.20%, rates moved modestly higher today, giving back some of last week's improvement.
Renewed tension in a key global shipping route pushed oil prices — and with them, some inflation-related uncertainty — a bit higher overnight, adding a fresh wrinkle for bond markets already sitting at a sensitive technical level. Mortgage bonds are testing key moving-average support right now, and the 10-year note remains capped just below a level that's held for several sessions. A clean break of either level, in the wrong direction, could open the door to more rate movement. We're starting the day floating, but watching these levels closely.
The key takeaway: if you're floating a rate right now, today's technical levels are worth paying attention to — a break lower in bonds could mean rates keep drifting up. If your current rate is above 7%, a refinance conversation is still worth having.
A Debt Service Coverage Ratio loan is an investment-property loan that qualifies primarily based on the property's cash flow, such as rental income, instead of the borrower's personal income.
Debt Service Coverage Ratio compares the property's rental income to the monthly housing payment, also known as PITIA: Principal, Interest, Taxes, Insurance, and Association Dues.
- Up to 85% Loan-to-Value
- No personal income or tax returns required
- Qualification may be based on market rents
- Available for purchase, rate-and-term refinance, and cash-out refinance
- FICO scores as low as 620
- Minimum loan amount: $125,000
- Maximum loan amount: $3,000,000
- Cash-out funds may be used as reserves
- No-ratio option may be available
- First-time homebuyers may be eligible
Ready to Make a Move?
Whether you're buying your first home, refinancing, or exploring VA and FHA options — our team is here to walk you through it, one-on-one.
Get a Free Quote ↗