Traders Running For Sidelines Ahead of Next Week's Election Big losses in both stocks and bonds today as traders take their seats for next week's big show.  Month-end trading volumes were huge.  It was the single biggest trading day since June.  After 2016, no one wants to be anything other than nimble on election week.   Econ Data / Events 20min of Fed 30yr UMBS Buying  10am, 1130am (M-F) and 1pm (T-Th) Core PCE Inflation, annual 1.5 vs 1.7 f'cast, 1.4 prev Chicago PMI 61.1 vs 58.0 f'cast, 62.4 prev Market Movement Recap 09:00 AM Mixed performance overnight amid heavy volume.  Stronger in Asia.  Weaker in Europe.  Nearly unchanged to start the domestic session and slightly stronger since then.  No reaction to data.  A few big, obvious, month-end trades helping so far. 03:59 PM Bonds and stocks both lost ground in a fairly big way in the morning hours as traders decided they'd much rather be in cash heading into election week.  Mid-day hours were fairly flat and weakness returned at the 3pm CME close.  Month-end volume was massive--biggest in 4+ months--adding emphasis to the bond market's defensive approach to the week ahead.

October 30, 2020 Download our Mobile App: Download our Mobile App: MBS Commentary MBS Live Recap: Traders Running For Sidelines Ahead of Next Week's Election Traders Running For Sidelines Ahead of Next Week's Election Big losses in both stocks and bonds today as traders take their seats for next week's big show.  Month-end trading volumes were huge.  It ... (read more) Mortgage Rate Watch Mortgage Rates Can Only Hold Out For So Long It was a bit of a bittersweet day for mortgage rates . On the one hand, it was the Fed's first day buying a new category of mortgage-backed bonds--one that would help pave the way for rates to move gradually lower if the broader bond market remains i... (read more) Housing News Fannie/Freddie Report Increased Profits Both GSEs reported financial results for the third quarter of 2020 that were significantly higher than both their Q2 2020 and their 2019 numbers . Fannie Mae's net and its comprehensive incomes were $4.2 billion and Freddie Mac's net and comprehensiv... (read more) Housing News Forbearance Plans Increase, Many are Reinstatements The number of loans in COVID-19 related forbearance plans rose during the past week, driven by both an increase in new plans and significantly fewer borrowers exiting from the program. Black Knight said its weekly survey found a net increase of 31,00... (read more) Rob Chrisman VOE, Broker, Non-QM, Social Media Tools; 1.5 Percent Security Takes Off Happy X/XXX/XX if you are a Roman. Rome certainly had its share of slaves, and the existence of slavery in one’s family has certainly caused consternation in the present day as buildings are renamed and statues are torn down. Companies that mad... (read more) Housing News Residential Fixed Investment Soared Past GDP Growth in Q3 Hidden in the Q3 report on Gross Domestic Product (GDP) on Thursday, which showed a rebound of 33.1 percent from the 31.4 percent loss in Q2 was news of some real growth. Robert Dietz, chief economist of the National Association of Home Builders poin... (read more) Mortgage Rates Mortgage Rates Can Only Hold Out For So Long 30 Yr. Fixed Rate 6.29% -0.16% Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% -0.16 0.00 15 Yr. Fixed 5.60% -0.21 0.00 30 Yr. FHA 5.95% -0.08 0.00 30 Yr. Jumbo 6.25% -0.15 0.00 7/6 SOFR ARM 5.59% -0.21 0.00 30 Yr. VA 5.97% -0.08 0.00 Updates Daily - Last Update: 9/5 15 Yr. Fixed Rate 5.60% -0.21% Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 MBS / Treasuries MBS Live Recap: Traders Running For Sidelines Ahead of Next Week's Election UMBS 30YR 5.5 101.16 +0.03 MBS Price Change UMBS 5.0 99.45 -0.02 UMBS 5.5 101.16 +0.03 UMBS 6.0 102.52 +0.03 GNMA 5.0 99.84 +0.02 GNMA 5.5 101.15 +0.02 GNMA 6.0 102.15 +0.01 Pricing as of: 9/7 7:57PM EST 10 Year US Treasury 4.0733 -0.0134 US Treasury Yield Change 2 YR Treasury 3.511 -0.006 5 YR Treasury 3.581 -0.008 7 YR Treasury 3.788 -0.012 10 YR Treasury 4.073 -0.013 30 YR Treasury 4.760 -0.010 Pricing as of: 9/7 7:57PM EST Latest Video The 9 a.m. Bond Report: October 30, 2020 Covid-19 mortgage bailouts rise over three million for first time since ear... The 9 a.m. Bond Report: October 29, 2020 Pending home sales are down 2.2% month-over-month Around the Web NAR - Realtor.com Dearth of Credit Starves Detroit's Housing Market Calculated Risk Blog Las Vegas Visitor Authority: No Convention Attendance, Visitor Traffic Down 51% YoY in September Calculated Risk Blog Q3 2020 GDP Details on Residential and Commercial Real Estate CNBC Fed lowers minimum loan level for small business lending program Calculated Risk Blog Real Personal Income less Transfer Payments NAHB Eye on Housing Jobless Claims Continue to Fall Calculated Risk Blog Personal Income increased 0.9% in September, Spending increased 1.4% CNBC The ECB hinted at more monetary stimulus analysts expect it to go all in CNBC Earnings for apartment owners show the pain of urban flight Calculated Risk Blog Hotels: Occupancy Rate Declined 31.7% Year-over-year CNBC Pelosi presses Mnuchin for answers on coronavirus stimulus as she pushes to restart talks CNBC Watch ECB President Christine Lagarde speak after latest policy move CNBC U.S. weekly jobless claims total 751,000, vs 778,000 expected

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