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Surprisingly Strong Day Made Possible By Last Week's Rout
After last week's rout at the hands of stronger economic data, bonds have been able to enjoy a nominal correction to start the new week. Looking ahead, the bond market's biggest hope is that Wednesday's Fed announcement includes an official bond buying pledge from the Fed (and that it's enough to keep pushing rates back in a friendlier direction).
Econ Data / Events
11:30-11:50 AM (ET) - Fed 30yr UMBS Buying
Market Movement Recap
08:22 AM Bonds were flat during Asian market hours, but gave up some ground during European hours. 10yr yields are starting the day up 2bps at .912%. 2.0 UMBS are currently down 2 ticks (-0.05) at 101-09 (101.28).
11:28 AM Morning rally/correction continues with Treasuries erasing most of the post-NFP losses from Friday (down 2bps at .874%). UMBS 2.0 coupons are more than a quarter point better on the day. Positive reprices aren't out of the question.
01:42 PM 10yr yields made it as low as .862, but have bounced so far this afternoon (albeit modestly, only back up to .875%). MBS gains have leveled off with 2.0 UMBS up just over a quarter point. Most lenders have repriced for the better.
MBS Commentary
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Surprisingly Strong Day Made Possible By Last Week's Rout
After last week's rout at the hands of stronger economic data, bonds have been able to enjoy a nominal correction to start the new week. Looking... (read more)
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Rob Chrisman
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Who doesn’t like being kept informed at absolutely no cost? There is no reason for anyone not to join the Mortgage Action Alliance as the Mortgage Bankers Association is knee-deep in political issues that lenders should know about. Like forbear... (read more)
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Housing News
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Black Knight says that only three months after the national delinquency rate hit a record low, falling 1.5 percentage point below its pre-Great Recession average in January, it skyrocketed to 6.45 percent. This is a 3.1 percent change in April alone,... (read more)
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Mortgage Rate Watch
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Things are quickly getting interesting for mortgage rates , and by 'interesting,' I mean potentially alarming. Everything's relative though, so it should be said right up front that the average mortgage rate is still only a hop and a skip from the al... (read more)
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Housing News
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A joint release from the Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors cautions mortgage servicers about their obligations in complying with the Coronavirus Aid, Relief and Economic Security (CARES) Act. The... (read more)
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Housing News
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The number of mortgages in forbearance plans declined this past week for the first time since the CARES Act to address the COVID-19 pandemic was enacted. Black Knight said its survey showed that there were 4.73 million homeowners, 8.9 percent of thos... (read more)
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