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Mortgage Rates Surge Higher as US Considers a Longer Blockade

Mortgage rates jumped higher today at the fastest pace in weeks to the highest levels since March 30th. There were two key motivations for the increase, but one accounted for a vast majority of the damage. News came out overnight that spoke to the possibility of a prolonged blockade of the Strait of Hormuz. Markets took this seriously because it involved conversations with oil executives to assess the the impact of a prolonged blockade on domestic energy markets and fuel prices. Bond yields (which correlate with rates) and oil prices lurched higher again this morning after a White House official reiterated/corroborated the overnight news. The supporting actor in today's rate drama was the Fed announcement. While the Fed didn't hike rates, 3 voters voiced their opposition to the wording of the Fed's statement because it tacitly implies the Fed is more inclined to cut rates vs hike them in the near future. Those 3 voters would prefer to indicate that rates could go either way depending on inflation and the economy. The market took this as a minor negative indication for rates. Measuring in terms of 10-year Treasury yields, more than 80% of today's rate spike was in place before the Fed announcement came out. The average mortgage lender is back to 6.50% for top tier 30-year fixed scenarios, up from 6.38% yesterday. Most lenders made mid-day adjustments to even higher rates as the underlying bond market continued to suffer into the afternoon. 

Source: Mortgage News Daily | 29 Apr 2026 | 8:09 pm

Here's What Changed in The New Fed Announcement

Available Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated. is elevated, in part reflecting the recent increase in global energy prices. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The implications of developments in Developments in the Middle East for are contributing to a high level of uncertainty about the U.S. economy are uncertain. economic outlook. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Source: Mortgage News Daily | 29 Apr 2026 | 6:00 pm

CRM, Verification, AI, MERS Review, Credit Monitoring Tools; Disaster Updates; STRATMOR CD Workshop

Broker and Correspondent Products NFTYDoor, an end-to-end digital HELOC platform, announced last week it is now operating as a fully independent company, enabling direct partnerships with wholesale brokers and private label correspondents. Brokers are already active on the new structure - submitting applications and closing loans today with no waiting period, supported by NFTYDoor's combination of AI-powered origination and real people on every loan. Key enhancements include minimum FICO reduced from 640 to 600, maximum CLTV increased from 80 to 90 percent, maximum loan amount increased from $500,000 to $750,000, borrower rates reduced by 100+ bps, increased compensation for partners, and a fully embedded no-cost warehouse line for private label partners. Available exclusively to partners contracting directly with NFTYDoor. More at nftydoor.com/home. “Our mascot is a pig, and there’s a reason: We love a Piggyback! Our Piggyback HELOC 2 nd can close simultaneously with a 1 st mortgage purchase or refinance. Our Post Close Piggyback HELOC can be submitted to Symmetry within 120 days after the 1 st mortgage closes. Why should you use the Symmetry Piggyback? You can break up a Jumbo loan into two loans and have the 1 st mortgage follow conventional guidelines. Our HELOC can go up to 89.99 percent CLTV on a 2nd lien primary residence up to $500k line amount. We have interest-only minimum payments during the draw period (plus annual fee) with no prepayment penalty or EPO. Lastly, our Piggybacks can utilize most of the same documentation as the 1 st mortgage, including an appraisal. Call your Symmetry Area Manager today to run through scenarios!”

Source: Mortgage News Daily | 29 Apr 2026 | 3:17 pm

More Losses After Blockade Extension News

Last night's key news on the war involved reports of Trump telling aides to prepare for a prolonged blockade of Iran. The free flow of oil through Hormuz is the key market mover in this war, so it's no surprise to see oil prices lurch higher in response. Bond yields followed but have managed to hold under yesterday morning's highs so far. This morning's econ data definitely isn't rushing to help with Durable goods coming in much higher than expected. In other news, there is a Fed announcement today, but no chance of a cut or hike, and no dot plot. It's hard to imagine what could be said that the market doesn't already know (or fear, i.e. inflation expectations).

Source: Mortgage News Daily | 29 Apr 2026 | 1:31 pm

Modest Gains After Opening Weaker

Modest Gains After Opening Weaker Tuesday ended up being a uneventful trading session despite 10yr yields hitting 3-week highs. Those highs were in place right at the open and things gradually improved from there. Markets are expressing a token amount of concern over the lack of progress on US/Iran peace, which  continues to be the biggest potential market mover. Notably, there was also an obvious reaction to Consumer Confidence data today (even though it was very small). This lets us know we can't tune out other econ data just because the broader momentum is more likely tied to geopolitical developments.  Econ Data / Events ADP Employment Change Weekly 39.25K vs -- f'cast, 54.75K prev Case Shiller Home Prices-20 y/y (Feb) 0.9% vs 1.1% f'cast, 1.2% prev CaseShiller 20 mm nsa (Feb) 0.4% vs -- f'cast, -0.1% prev FHFA Home Price Index m/m (Feb) 0.0% vs 0.2% f'cast, 0.1% prev FHFA Home Prices y/y (Feb) 1.7% vs -- f'cast, 1.6% prev Consumer Confidence 92.8 vs 89.0 f'cast, 92.2 prev Market Movement Recap 09:14 AM Modestly weaker overnight. 10yr up 2bps at 4.362 and MBS down 3 ticks (.09). 11:07 AM MBS down an eighth and 10yr up 1.8bps at 4.359 02:29 PM MBS down an eighth and 10yr up 1.5bps at 4.357. No reaction to 7 year auction

Source: Mortgage News Daily | 28 Apr 2026 | 8:15 pm

Mortgage Rates Rise to 2-Week Highs

Mortgage rates moved moderately higher today for the average lender, but not for any exciting reasons. Rather, the change has more to do with timing of the underlying market movement. While it's true that mortgage rates are directly influenced by the bond market, mortgage lenders prefer to set rates once per day. From there, they will occasionally make adjustments if the bond market experiences enough volatility. The catch is that lenders are less likely to adjust rates the later it is in the afternoon and if the bond market has been changing steadily/gradually. With all that in mind, yesterday saw a steady, gradual decline in the bond market that persisted into the late afternoon. As such, most lenders didn't go to the trouble of adjusting rates yesterday. In other words, the average lender was already planning on raising rates a bit this morning even if the bond market started the day flat. But bonds lost even more ground this morning (before lenders decided on rates for the day). Bottom line, lenders were tasked with adjusting for 2 days of modest weakness all at once. The result is a move that is bigger than the average recent day, but not because the underlying market movement was bigger or more volatile than average. [thirtyyearmortgagerates]

Source: Mortgage News Daily | 28 Apr 2026 | 7:32 pm

Investor, Workflow, Accounting, AI, DPA Tools; LOs and Technology; Fed Meeting Starts

The big keep getting bigger: Real Brokerage announced that it is purchasing RE/MAX for $550 million, revealing that, including debt, the deal is worth an estimated $880 million. The name will be the Real REMAX Group (“a transformative opportunity to fuse REMAX’s strong brand equity with leading AI technology”) and it’s been reported that Motto Mortgage, owned by RE/MAX, will retain its current business model of a mortgage brokerage franchisor following the completion of this deal. REMAX doesn’t belong to the National Association of Realtors, although “they” say that 87 percent of real estate agents are NAR members. NAR tells us that 63 percent of its members are female. There are agents who are part-time license holders, people who got licensed but never entered the business, and even agents on a team where all deals are closed under the team leader. The 2025 NAR Member Profile paints a different picture. Among REALTORS® specializing in residential sales, only 5 percent reported zero transaction sides in 2024, the typical Realtor completed 10 transaction sides, and Realtors with two years or less experience reported a median of 3 transactions. LOs should be careful who they call on! (Today’s podcast can be found here and this week’s ‘casts are sponsored by Figure, which is shaking up the lending world with their five-day HELOC, offering borrower approvals in as little as five minutes and funding in five days. Figure has hundreds of partners in the Banking, Credit Union, Home Improvement, and of course, IMB space embedding their technology. Today’s has an interview with Seroka’s John Seroka on how brands are discovered by prioritizing credible, structured, and widely validated information over traditional SEO, making it critical for companies to build consistent digital authority and trust signals.)

Source: Mortgage News Daily | 28 Apr 2026 | 3:29 pm

Highest Yields in 3 Weeks as US Shuns Iran Proposal

Bonds sold off slowly and steadily overnight, largely tracing a similarly steady rise in oil prices. The latter is most easily attributed to reports that Trump is not happy with the latest Iran peace proposal although those reports stopped short of saying the proposal was flat-out rejected. There was additional volatility in oil prices surrounding news that the UAE is pulling out of OPEC, but that mostly resolved with oil moving off the highs (more competition, less supply throttling expected). Most recently a decent showing in Consumer Confidence is keeping bonds in a defensive stance.

Source: Mortgage News Daily | 28 Apr 2026 | 2:27 pm

Modest Weakness, But Range Persists

Modest Weakness, But Range Persists Bonds lost ground today, but not for any particular reason. Most importantly, there was no major reaction to the lack of progress in peace talks over the weekend (which would have been hard considering the talks didn't happen). Earlier in the war, this sort of development would have had a more noticeable impact. At this point, markets are waiting on the biggest news. Until that news breaks, bonds are content to wander aimlessly in the same sideways range that's been intact for the entire month. For those who insist on assigning blame for today's modestly higher yields, the absence of peace talks was worth maybe a third of it. Beyond that, we'd consider things like the Treasury auction cycle and asset allocation among investors chasing all-time highs in stocks.  Market Movement Recap 09:13 AM Bonds modestly weaker on stalled peace talks. 10yr up 1.4bps at 4.317 and MBS down 3 ticks (.09). 11:48 AM MBS down 5 ticks (.16) on the day and an eight from the highs. 10yr up 2.6bps at 4.329 02:22 PM 10yr up 3.3bps at 4.335 and MBS still down 5 ticks (.16)

Source: Mortgage News Daily | 27 Apr 2026 | 7:51 pm