Volatility is Possible, But It Wasn't Possible Today Bonds have decidedly engaged in a stereotypical year-end grind.  It's just like any other sideways grind, but the year-end versions tend to last longer and remain confined in narrower ranges.  Breakouts are possible, of course, but breakouts that happen at this time of year are just as likely to be reversed  in short order.  Today's video discusses why the "golden age of lock/float risk" is almost over. Econ Data / Events 20min of Fed 30yr UMBS Buying  10am, 1130am (M-F) and 1pm (T-Th) Q3 GDP 33.4 vs 33.1  Philly Fed Biz Activity -26.8  v -15.9 Consumer Confidence 88.6 vs 97.0 f'cast Existing Home Sales 6.69m vs 6.70m f'cast Market Movement Recap 08:35 AM Calm, sideways trading overnight.  Brexit concession from the EU hurt EU yields at 2:50am ET (fishing water rights).  US yields followed somewhat, but remained in positive territory.  10yr is less than 1bp lower on the day at .93 and 1.5 UMBS are up 2 ticks (0.06). 02:17 PM VERY slow/sideways.  Nothing significant to report.  Scattered  Brexit headlines, but no impact.  No reaction to AM data.  S&P futures unchanged.  10yr yield down 1.7bps at .921%.  MBS up 2 ticks (.06)--all in similar shape compared to several hours ago.

December 22, 2020 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Dec 22, 2020 How Much Lower Are Today's "All-Time Low" Mortgage Rates? Thu, Dec 17, 2020 5:50PM 2020 has safely secured its place in the record books as the year of all-time lows in mortgage rates --one of them anyway. Several other years have recently boasted as many new instances of record lows, but none have done so with the average 30yr fixed rate under 3% . When it comes to the "top tier" rates that are typically used as benchmarks, sub-3% is actually very old news now. As of this week, even the broad averages (which include loans that are far from "top tier") have fallen under 3%. Top tier rates are closer to 2% in some cases. But how much progress is being made each time the old r... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 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 UMBS 30YR 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Live Recap: Volatility is Possible, But It Wasn't Possible Today Tue, Dec 22, 2020 3:38PM Volatility is Possible, But It Wasn't Possible Today Bonds have decidedly engaged in a stereotypical year-end grind.  It's just like any other sideways grind, but the year-end versions tend to last longer and remain confined in narrower ranges.  Breakouts are possible, of course, but breakouts that happen a... (read more) MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:21PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:21PM EST Other News Existing Home Sales Take a Pause After Five Months of Gains Tue, Dec 22, 2020 11:26AM Existing home sales finally took a breather in November, breaking a five month stretch of gains, often substantial ones. The National Association of Realtors® (NAR) said that pre-owned single-family homes, townhomes, condos, and cooperative apartments sold at a seasonally adjusted annual rate of 6.69 million units, a 2.5 percent decline from October's 6.... (read more) FHA Extends COVID Relief Measures Until March Tue, Dec 22, 2020 8:40AM The Department of Housing and Urban Development (HUD) has extended the timeframe for several of the relief programs it put into effect last spring through its Federal Housing Administration (FHA) to help lenders, servicers, and homeowners cope with the COVID-19 crisis. FHA's eviction and foreclosure moratoriums have been extended for an additional two months... (read more) Experts Say Homeowners Exiting Forbearance Will Need Outreach, Assistance Mon, Dec 21, 2020 2:18PM The Urban Institute (UI) recently held a webinar with housing experts to look at distress in the housing market. In a report on the findings, researchers Jung Hyun Choi and Daniel Pang say that, as of November, 3.7 million homeowners who had taken advantage of forbearance as the pandemic began have left the programs while 3.2 million others continue to strug... (read more) Correspondent, MLO Jobs; Digital, Trailing Doc; FHA's Foreclosure and Eviction Moratorium Extension Tue, Dec 22, 2020 10:06AM I hope that everyone had a happy solstice yesterday, with a few folks writing to suggest that “It is the shortest day, of the longest year, of our lives.” Given my background in capital markets I am regularly asked how some lenders offer lower rates than others. Freddie Mac’s survey has continues to point to mortgage rates dropping, even wh... (read more) Latest Video Why home prices aren't likely to go down over the winter Consumer Confidence Index in December at 88.6 vs 97.5 estimated The 9 a.m. Bond Report: December 12, 2020 Existing home sales in November drop for the first time in 5 months Around the Web Calculated Risk Blog Comments on November Existing Home Sales CNBC Existing home sales declined for the first time in 5 months in November as prices rose and supply fell news.google.com U.S. third-quarter GDP growth revised slightly higher CNBC U.S. Treasury yields fall amid fears of new coronavirus strain news.google.com The next stimulus deal will be even harder to get CNBC Rental assistance in new Covid relief plan is not enough, experts warn CNBC 'It's a start:' Stimulus bill includes $25 billion in emergency rental relief, extends eviction moratorium NPR Here Is What's In Congress' COVID-19 Relief Package Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Decreased in November news.google.com Americans will get stimulus checks as soon as next week, Mnuchin says - CNBC CNBC Americans will get stimulus checks as soon as next week, Mnuchin says NAHB Eye on Housing Sluggish Job Growth in November: State-Level Analysis Calculated Risk Blog Seven High Frequency Indicators for the Economy

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