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Abandon Hope, All Ye Who Float Overnight
We're putting in for permits to build our own Pirates of the Caribbean ride at MBS Live world headquarters. There will be more waterfalls, and they'll be sharper. We're mapping the slope based on bond prices, after all. We'll even keep with some familiar elements such as the "abandon hope" sign. That was certainly the bond market's message to floaters today. See the Day Ahead commentary for more thoughts on the move and the Lock/Float section for specific thoughts on strategy.
Econ Data / Events
Fed MBS Buying 10am, 1130am, 1pm
Philly Fed 51.8 vs 23.0, 23.1 Prev
Jobless Claims 770k vs 700k f'cast, 725k prev
Market Movement Recap
08:36 AM Bonds crushed overnight in massive volume. 10yr yields up to 1.754 at highs, 1.74% currently. MBS off 3/8ths of a point.
01:26 PM VERY calm and sideways after the opening weakness. Nothing to report other than modestly refreshing ground-holding.
04:04 PM Today is setting some sort of record for the most striking juxtaposition of overnight weakness with domestic-session stability. Treasuries tried to rally a bit as stocks slumped into the NYSE close, but that didn't last long. Yields are 7+bps higher at 1.72%. MBS are unchanged from the last update, holding just about half a point weaker on the day.
MBS Commentary
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Abandon Hope, All Ye Who Float Overnight
We're putting in for permits to build our own Pirates of the Caribbean ride at MBS Live world headquarters. There will be more waterfalls, and they'll be sharper... (read more)
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Mortgage Rate Watch
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Mortgage rates started the day in bad shape after significant bond market weakness overnight. Treasury yields rose roughly 0.05%, and that sort of move typically coincides with mortgage rates rising nearly as much. Today wasn't much of an exception. ... (read more)
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Housing News
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The Mortgage Bankers Association (MBA) is predicting a slowdown in new home sales when the Census Bureau releases its statistics next week. MBA's Builder Application Survey (BAS) data for February 2021 shows mortgage applications for new home purchas... (read more)
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Rob Chrisman
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The Internal Revenue Service is not known for being creative, but yesterday it was announced that the usual tax deadline of 4/15 has been moved to 5/15. People can be creative. For example, here are easy steps on how to walk into a room and interrupt... (read more)
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Housing News
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Whether or not it was another biproduct of the pandemic, The National Association of Realtors® (NAR) said the popularity of multigenerational homes increased last year. Homes that will house adult siblings, adult children, parents, or grandparent... (read more)
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Housing News
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It looked last month as though residential construction was about to take off. While starts were down in January, permits surged by 10.4 percent. Builders apparently had second thoughts in February as both measures fell by double digits. The U.S. Cen... (read more)
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